Its government has also committed more than US$200 million to grow the fintech ecosystem. HIGHLIGHTS FOR THE DAY Economic Summit. Read more at The Business Times. The financial sector is an integral part of Singapore's ambition to be a smart nation. Under the theme of “Building Resilience, Seizing Opportunities, Emerging Stronger”, three winners for the Global FinTech Hackcelerator and twelve winners for the FinTech Awards have been selected for their solutions that address the challenges faced by the financial industry due to the COVID-19 pandemic and climate change. "FinTech for an Inclusive Society and a Sustainable Planet" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Singapore FinTech Festival 2020 on 8 December 2020 In his keynote speech at SFF x SWITCH 2020, Mr Ravi Menon, Managing Director, MAS, spoke on leveraging FinTech to create a more inclusive society and a more sustainable planet. The gift link for this subscriber-only article has expired. They provide investment solutions based on rules or algorithms. According to a recent study by Accenture, investment in Asia-Pacific fintech more than quadrupled in 2015 to $4.3 billion, making it the second-biggest region for fintech investment after North America. - Ravi Menon, Managing Director, MAS Total value of financial technology (fintech) deals in Singapore jumped to almost $1.01b (US$735m) in the first nine months of 2019, a 69% YoY rise compared to the $585.38m (US$435m) recorded over the same period in 2018, according to a report by Accenture. SINGAPORE — Singapore’s fintech firms are attracting tie-ups with big names and big money. Singapore is the Asia-Pacific's top-ranking fintech city. Investment value in mature fintechs expanded to $604.97m despite the lower number of deals. All done! Read more at The Business Times. Both parties surveyed more than 60 fintech firms - the majority of which are Singapore-based. The job market is however recovering steadily as local FinTech investments rebounded in the second quarter of 2020 from US$68Mil to US$278Mil, creating more employment opportunities. Although the Covid-19 pandemic resulted in a fall in overall fintech funding in Asia - particularly in China and India - Singapore's funding landscape has been less volatile, the report said. With Singapore fintechs taking 51% of ASEAN funding as of Q3 2019, it comes as no surprise that investors may be keen to learn more about the country’s fintech landscape.. Singapore has over 40 innovation labs, more than 500 fintech start ups, SGD500 million in record-high fintech investments in 2018, and USD12 billion in capital for ASEAN enterprises. No. The Global Trade Connectivity Network (GTCN) is a cross-border Distributed Ledger Technology (DLT) project to digitalise trade and trade finance. The report by UOB, PwC Singapore and the Singapore FinTech Association also found that four in five fintech firms in Asean will push ahead with their expansion plans in the next two years despite disruptions brought about by the Covid-19 pandemic. Fintech funding in Asia dropped to US$2.4 billion in the second quarter from US$3.13 billion in the first. Fintech investments in Singapore increased 69% to US$735 million (S$1.01 billion) in 2019 from US$435 million (SS$605 million) in 2018 (as of September 2019) Organized by the Monetary Authority of Singapore (MAS), Singapore Fintech Festival 2019 saw more than 60,000 participants from 140 countries Hear live content from over 40 FinTech hubs around the world. The report highlights that over 40% of Southeast Asian fintech firms are based in Singapore. SPH Digital News / Copyright © 2021 Singapore Press Holdings Ltd. Co. Regn. Understand more about MAS’ payment initiatives like SGQR, FAST, PayNow and UPOS. Join ST's Telegram channel here and get the latest breaking news delivered to you. Founded in 2013, N26 is Germany’s most valuable fintech, having raised $570million in total. Get funding on proof-of-concepts, hiring, business development and more. SINGAPORE (THE BUSINESS TIMES) - Singapore's fintech investments rebounded in the second quarter of 2020 to US$278 million (S$371 million), 4.1 times the US$68 million recorded in the first quarter, the Singapore FinTech Association (SFA) and management consulting firm Oliver Wyman said on Wednesday (Dec 9). MAS has announced a $125 Million support package for the financial and FinTech sectors to deal with the immediate challenges from COVID-19 and position strongly for the recovery and future growth. 2019 was a banner year for Singapore's fintech industry, with investments having doubled to more than US$861 million compared to the year before, and more than 40 innovation labs being set up to drive innovation within the traditional financial institutions and facilitate collaborations with fintech firms. Low taxes. With the recent launching announcement of the 4 digital banks in Singapore, the market is anticipating at least 300 new positions across 2021 and 2022. This will help individuals better understand their overall financial health and plan their finances holistically. MAS and United Nations Development Programme (UNDP) Global Centre for Technology, Innovation and Sustainable Development have signed a partnership agreement to help SMEs leverage technology to better access global value chains. Get notified whenever news and updates are posted on this website. Singapore FinTech Festival ... and investments) from the participating banks and their financial information (such as HDB loans and CPF balances) from the relevant government agencies. Until we resolve the issues, subscribers need not log in to access ST Digital articles. All rights reserved. Meanwhile, electronics subscription service Grover secured a €250million top-up to an existing debt facility from existing investor Varengold Bank. Get unlimited access to all stories at $0.99/month for the first 3 months. This is the largest among the six Asean economies, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. SINGAPORE (THE BUSINESS TIMES) - Singapore's fintech investments rebounded in the second quarter of 2020 to US$278 million (S$371 million), 4.1 … SFA and Oliver Wyman continue to see fintechs investing in the areas of financial inclusion such as payments, lending and more. They can read the article in full after signing up for a free account. SFA and Oliver Wyman also found that from 2015 to 2019, about 65 per cent of fintech funding in South-east Asia was directed to Singapore businesses, nearly four times that of the funding received by Indonesia - the next-largest market. MAS also launched a $6 Million MAS-SFA-AMTD FinTech Solidarity Grant to help Singapore-based FinTechs sustain operations, retain staff, and offset POC costs. The number of fintech employees has also exceeded 10,000 in 2020, compared with an estimated 1,100 staff five years ago. Singapore is famous for its investor-oriented climate. Today, Singapore is the leading country in Southeast Asia in terms of total fintech investment dollars as well as consumer adoption. There are more than 1,000 fintechs in the Republic as at 2020, 10 times that of the 100 fintechs recorded in 2015. World’s first open architecture platform for financial institutions to easily discover FinTechs, quickly design prototypes and rapidly deploy solutions. Singapore FinTech Festival 2018 (2.61 MB). Another report released on Wednesday noted that of the 95 funding deals in the first three quarters of 2020, almost two-thirds of these deals went to fintech firms in Singapore. A collaborative AI-driven global solutions hub to foster SME digitalisation. We believe that such investments will continue to underpin innovation and future growth in fintech, creating further opportunities in public markets. SenaHill Partners, a New York-based investment bank dedicated to fintech-related clients, has made its first foray into Asia by opening a Singapore office. Singapore’s FinTech journey is about innovation, inclusion and inspiration. Singapore has instigated a range of measures designed to boost its fintech industry, many of which are aimed at encouraging new business ventures. MAS and Bank of Ghana have commenced discussions to adopt the Business sans Borders open hub of platforms between Singapore and Ghana, and to develop a complementary Financial Trust Corridor initiative. A startup-focused investor ecosystem: Singapore has taken the lead in FinTech funding in Southeast Asia, and government-linked funds have played an important role in kickstarting the FinTech ecosystem, particularly in their support of earlier-stage startups. Despite an initial decline in funding, Singapore’s FinTech investments rebounded in the second quarter of 2020, with investors recognising the opportunities existing in Southeast Asia. He says the firm is looking to bring deals to Singapore’s virtual-bank applicants, among others. TenX Crypto Card: TenX is a Singapore-based blockchain company that makes cryptocurrencies spendable on-the-go with two main products, the wallet and card. Singapore is the Asia-Pacific's top-ranking fintech city, with more than 40 per cent of South-east Asia's fintech firms based in the city-state. Singapore has a long history of embracing foreign direct investment, which rose from $10.85bn in June 2017 to $19.13bn to June 2018, according to Enterprise Singapore, a government agency. In addition to the strong government support, the industry is supported by organisations like the Singapore Fintech Association , a non-profit platform to support collaboration among all parties in the ecosystem. As the sector matures in the coming few years, later-stage funding will also develop. Read 3 articles daily and stand to win ST rewards, including the ST News Tablet worth $398. MAS and the Magyar Nemzeti Bank (MNB) have signed a Co-operation Agreement to strengthen cooperation in FinTech innovation between Singapore and Hungary. Frank Troise (pictured, left) has joined as managing director and CEO of Asia Pacific. Share gift link below with your friends and family. It also conducted more than 30 interviews with industry participants, from investors and global technology companies to regulators and industry associations. Robo-advisors in Singapore represents a cost effective way to invest globally with little effort. BRANDED CONTENT How Singapore fintech firm iFast is shaking up the investment industry Mainboard-listed fintech firm iFast Corp’s chairman and chief … You have reached your limit of subscriber-only articles this month. But a log-in is still required for our PDFs. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society. Singapore has built itself a reputation as the fintech capital of the world. In the first nine months of 2019, fintech investments in Singapore soared 69 per cent to US$735 million, according to research by Accenture. 198402868E. Sandbox relaxes specific regulatory requirements to enable live experiments of innovation within boundaries. When it comes to sub-sectors, payments and remittances companies made up 23 per cent of fintechs in the city-state, followed closely by wealth management and capital markets fintechs (22 per cent). MAS Announces Winners of the 2020 Global FinTech Innovation Challenge, Singapore and Hungary Strengthen Cooperation in FinTech, "FinTech for an Inclusive Society and a Sustainable Planet" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Singapore FinTech Festival 2020 on 8 December 2020, UNDP and MAS announce partnership to help SMEs in developing countries to access global opportunities, Monetary Authority of Singapore and Bank of Ghana to foster closer relationships between SMEs and financial institutions of Singapore and Ghana via Business sans Borders and Financial Trust Corridor, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, Interest Rates of Banks and Finance Companies, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals. We look at some of the fintech companies that made waves in the city-state this year. We have been experiencing some problems with subscriber log-ins and apologise for the inconvenience caused. Finaxar MAS sees opportunity for fintech to reshape post-Covid world, More Singapore fintech firms looking to hire local talent, report suggests. So let’s move to the main points that are actively helping Singapore to attract fintech investment. Find out how MAS is creating a Smart Financial Centre through FinTech and innovation. OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three loca... Weinvest Personal Finance Management Investments Platform Fintech Certified SFA member Blockchain/Distributed Ledger Technology (DLT), Global Financial Innovation Network (GFIN), ASEAN Financial Innovation Network (AFIN), MAS-UNCDF Partnerships for Financial Inclusion, International Technology Advisory Panel (ITAP). In his keynote speech at SFF x SWITCH 2020, Mr Ravi Menon, Managing Director, MAS, spoke on leveraging FinTech to create a more inclusive society and a more sustainable planet. Global fintech investment (through private equity, venture capital and M&As) more than doubled to $112bn in 2018 [3]. A substantial portion of that rise can be attributed to fintech. An industry collaboration exploring the use of Blockchain and Distributed Ledger Technology (DLT) for Central Bank Digital Currency. By registering, you agree to our T&C and Privacy Policy. SINGAPORE (Oct 15): Investment in financial technology (fintech) deals in Singapore has crossed the $1 billion mark in the first nine months of 2019, according to a study by consulting firm Accenture, drawing data from CB Insights, Pitchbook and Tracxn. World's first to use a national digital identity and centrally managed online consent system for secure access to financial data from private and public sectors. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions, The GTCN is a cross-border DLT project to digitalise trade and trade finance, Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. 10 times that of the 100 fintechs recorded in 2015, more Singapore fintech Festival 2018 2.61. 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