fintech singapore financial digital singapores support worlds

techsuch May 9, 2021 0 Comments

Understanding Singapore’s FinTech Ecosystem 2020In 2014, Prime Minister Lee Hsien Loong unveiled plans to transform Singaporeinto the world’s first ‘smart nation’ by 2030. Working alongside with MonetaryAuthority of Singapore (MAS), Singapore’s central bank and financialregulator, the vision of transforming Singapore into a smart financial centerwas born.We have taken bold strides in the FinTech journey and one of the triumphantvictories for Singapore is the holding of the annual Singapore FinTechFestival (SFF). This FinTech event is highly anticipated by professionalsacross the globe with over 60,000 participants from more than 140 countries.Presently, it is the world’s largest FinTech festival and a global platformfor the FinTech community to connect, collaborate, and co-create with oneanother.In June 2019, the MAS has also announced the issuance of up to 5 new digitalbank licenses with the aim of adding diversity and strengthening Singapore’sbanking system in the digital economy. With new digital players in the market,they are able to provide for the under-served segments and also fuelcompetition amongst existing banks to further improve the quality of theirdigital financial services.Moving forward to 2020, despite the global pandemic brought on by the COVID-19virus, Singapore has demonstrated resilience in its plan to boost the FinTechindustry. In the first quarter of 2020, MAS announced a $125 Million supportpackage for the financial and FinTech sectors to ease the immediate challengesbrought on by Covid-19 and push forth their recovery and future expansion.Another round of financial support was further rolled out via a collaborationbetween MAS, SFA, and AMTD, providing a total of $6 Million FinTech SolidarityGrant to support Singapore-based FinTech firms in terms of retaining itsemployees and attaining future growth.The growth and transformation process has been an arduous one, yet thegovernment and Singaporeans remain steadfast in the journey of establishing athriving FinTech hub that will pulsate at the heart of Singapore’s digitaleconomy.

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