This is the largest among the six Asean economies, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. By registering, you agree to our T&C and Privacy Policy. 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. 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. Singapore has instigated a range of measures designed to boost its fintech industry, many of which are aimed at encouraging new business ventures. 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. The gift link for this subscriber-only article has expired. Fintech funding in Asia dropped to US$2.4 billion in the second quarter from US$3.13 billion in the first. Singapore start-up PLMP Fintech launched the Creatanium project in May 2018 with the aim of leveraging on the latest business opportunities, financial instruments and technologies to help SMEs to grow their revenue and international reach. 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 We believe that such investments will continue to underpin innovation and future growth in fintech, creating further opportunities in public markets. 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. HIGHLIGHTS FOR THE DAY Economic Summit. Minister for Trade and Industry Chan Chun Sing launched the report on Tuesday (Dec 8) at the FinTech For Good 2020 event - organised as part of the Singapore Fintech Festival this year. So let’s move to the main points that are actively helping Singapore to attract fintech investment. 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. Its government has also committed more than US$200 million to grow the fintech ecosystem. You have reached your limit of subscriber-only articles this month. The Global Trade Connectivity Network (GTCN) is a cross-border Distributed Ledger Technology (DLT) project to digitalise trade and trade finance. Find out how MAS is creating a Smart Financial Centre through FinTech and innovation. The total value of fintech deals in the nine months ended Sept 30 jumped 69% y-o-y to US$735 million ($1,006 million) from US$435 million. 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. We look at some of the fintech companies that made waves in the city-state this year. Singapore FinTech Festival 2018 (2.61 MB). Read more at The Business Times. SINGAPORE (THE BUSINESS TIMES) - Singapore's fintech investments rebounded in the second quarter of 2020 to US$278 million (S$371 million), 4.1 … 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. 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. Join ST's Telegram channel here and get the latest breaking news delivered to you. Read more at The Business Times. Founded in 2013, N26 is Germany’s most valuable fintech, having raised $570million in total. In the first nine months of 2019, fintech investments in Singapore soared 69 per cent to US$735 million, according to research by Accenture. But a log-in is still required for our PDFs. Singapore is famous for its investor-oriented climate. Robo-advisors in Singapore represents a cost effective way to invest globally with little effort. 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). 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. 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. 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. 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. 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. "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. 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. BRANDED CONTENT How Singapore fintech firm iFast is shaking up the investment industry Mainboard-listed fintech firm iFast Corp’s chairman and chief … Hear live content from over 40 FinTech hubs around the world. The world’s largest FinTech festival for the global FinTech community to connect, collaborate and co-create. 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. The report highlights that over 40% of Southeast Asian fintech firms are based in Singapore. 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. MAS and the Magyar Nemzeti Bank (MNB) have signed a Co-operation Agreement to strengthen cooperation in FinTech innovation between Singapore and Hungary. 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. SFA and Oliver Wyman continue to see fintechs investing in the areas of financial inclusion such as payments, lending and more. Meanwhile, electronics subscription service Grover secured a €250million top-up to an existing debt facility from existing investor Varengold Bank. Global fintech investment (through private equity, venture capital and M&As) more than doubled to $112bn in 2018 [3]. The number of fintech employees has also exceeded 10,000 in 2020, compared with an estimated 1,100 staff five years ago. 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. Category 2: Robo-Advisors. 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. They provide investment solutions based on rules or algorithms. An industry collaboration exploring the use of Blockchain and Distributed Ledger Technology (DLT) for Central Bank Digital Currency. - Ravi Menon, Managing Director, MAS A collaborative AI-driven global solutions hub to foster SME digitalisation. SINGAPORE'S fintech investments rebounded in the second quarter of 2020 to US$278 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. , hiring, business development and more your limit of subscriber-only articles this month for a free account use. You have reached your limit of subscriber-only articles this month friends and family get access! 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