Singapore’s 30 Hottest Fintech Startups To Watch
Singapore’s vibrant startup ecosystem, supportive government, stable financial system and business-friendly tax regime, have helped turn the city-state into an attractive spot for fintech entrepreneurs.
Singapore has made fintech a high priority as it intends to keep its leading position as a global financial center. Singapore, and the Monetary Authority of Singapore (MAS) in particular, have deployed a number of initiatives aimed at developing the domestic tech scene, boosting fintech innovation, and helping startups collaborate with banks.
Notable initiatives include the “regulatory sandbox,” which allows financial services ventures to experiment and test fintech solutions under less stringent laws; the upcoming Fintech Festival, a five-day event entirely dedicated to fintech; MAS’ new Fintech and Innovation Group and Fintech Office; as well as a set of rulings aimed at easing the current requirements for financial intermediaries and fintechs.
“If you start regulating every one of those, you stifle a lot of innovation, and they don’t get a change to grow,” Ravi Menon, MAS’ managing director, said in April. “So only when [fintechs] grow and reach a certain critical mass, which then poses a significant impact on the system, or it can affect a large number of consumers, then we step in to regulate. It’s always a fine balance.”
Alongside the public sector, the private sector, too, has been busy putting up effort for developing the local fintech landscape.
DBS Bank and MasterCard are both involved in the notorious Startupbootcamp Fintech Accelerator program, which boosts ten startups each year and polishing them until they are ready to work with banks.
Today, Singapore has undeniably the most vibrant fintech scene in Southeast Asia with a number of ventures emerging as regional leaders.
Consult the full list of Singapore’s 30 hottest fintech startups HERE
Originally published at fintechnews.sg on July 27, 2016.