Over the past two years, 210 fintech firms have made our nation their home.
Singapore has established its strong position as one of the top fintech hubs in the world. Over the past two years, 210 fintech firms have made our nation their home.
This year, the fintech scene here is expected to grow even more. This is not only attributed to our country’s favourable regulatory environment, but also a result of our strong ICT (information and communications technology) market.
Singapore is known to be one of the most technologically-advanced communications markets in the world. In 2016, the number of 3G/4G subscribers reached 8.4 million and broadband internet subscribers numbered at 4.3 million.
Which means we’re a tech-savvy lot; we have to be, thanks to Korean dramas and Netflix. At our supermarkets, restaurants and cafes, we can make payments by waving our cards, tapping our smartphones, and even scanning our fingerprints! And with ease of purchase through Paypal and credit/debit cards, we’ve consistently ranked as one of the region’s top online shoppers.
It’s no wonder fintech firms flock to our little nation to set up shop as Singapore is evidently well-equipped with extensive IT infrastructures in place which drastically helps to lower the barriers in terms of developments in payment platforms and mobile-based applications.
A quick look at our banks show that many of them (specifically DBS/POSB, OCBC and UOB) are already offering ibanking services and mobile apps, so transferring money can be done without queuing up at ATM machines. Just recently, POSB has launched a chatbot for its Facebook page. But that’s not all; our banks play active roles in the fintech ecosystem by launching their own accelerator programs to nurture fintech startups.
Our government has also been rolling out 5G trials, and Singapore is one of the few countries in the world to do so. With the Internet of Things becoming a reality, it’s necessary to strengthen our ICT infrastructure as we work towards our vision of being the world’s first Smart Nation.
Therefore, with our robust ICT market, coupled with high education level, low tax rates, regulatory support, incentives and grants, fintech startups have themselves a lively, thriving place to grow.
Some noteworthy fintech firms that have found success within our city state include PolicyPal, Money Smart, Touche and Fastacash. In the case of PolicyPal, a local insurtech firm that helps consolidate all your insurance policies in one platform, it has over one thousand users so far and is looking to expand into Thailand, Hong Kong and Australia. Fastacash, a social payment platform, has successfully grown their presence in South East Asia, India, US and UK.
So are you excited to see future fintech developments that will make our lives so much easier?