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Singapore’s FinTech Industry Is on the Way to Global##> Singapore has established an enviable position as a leading Asian financial> technology center with an exciting innovation ecosystem, a great talent pool> and fantastic infrastructure. It also boasts a business-friendly environment> so it was therefore an obvious winner when considering locations for new> headquarters for our global operations, said, Yoshio Tomiie, Head of> Commerce at Senjō Group, a privately held investment firm, at the unveiling> of the company’s new global HQ in Singapore.Indeed, Singapore is one of the gems of the global financial services industryecosystem with ~200 banks with total assets of $2 trillion having operationalheadquarters in Singapore. Global financial institutions like Mastercard, UBS,DBS Bank, OCBC, Wells Fargo and Citigroup are launching (or have alreadylaunched) their innovation labs and accelerators in Singapore along withsignificant investments in the ecosystem. Global financial services companieshave their Asian satellites operating from Singapore including AmEx, Citibank,JPMorgan Chase, HSBC and numerous other international financial organizations.Singapore has one of the most forward-thinking governing authorities in thefinancial services industry internationally. To support the development of avibrant FinTech ecosystem, MAS has taken steps to ensure Singapore’s leadingposition as a leading global FinTech hub: those include committing S$225million under the Financial Sector Technology & Innovation (FSTI) scheme, thelaunch of the FinTech and Innovation Group (FTIG) and the FinTech Office,creation of a FinTech regulatory sandbox, a move towards an open-APIarchitecture, the Singapore Payment Roadmap and the opening of the MAS’sFinTech innovation lab – the Looking Glass @ MAS, amongst other first of theirkind initiatives.Collective efforts of the vibrant FinTech ecosystem in Singapore, financialwatchdogs, VCs and other stakeholders, ensured the leading position of Asianfinancial center:## PaymentsMobile Credit Payment (MC Payment) is a technology platform that providestransaction solutions for online payment, mobile payment, in-store payment,digital payment, etc. Mobile Credit Payment partners Acquiring Banks, PaymentService Providers/ISO to offer merchants a secure PCI Compliant, internationalpayment processing platform enhanced with innovative technology. It providescustomers with global transaction currencies and regional card settlementcurrencies, a high-end reporting interface and risk management solution.PaySec is a Payment Solution Provider (PSP) providing debit card paymentprocessing for merchants. The company provides payment gateways enablingmerchants to accept debit card payments in the Asian markets. PaySec processespayments from China, Thailand and Indonesia and plans to expand into Vietnamand throughout Asia.Yololite, the mobile app and prepaid card from YoloPay, allows the user tomanage and share family spend from his/her phone. The wallet/card can bereloaded via the app using Mastercard or VISA.Fibonacci Global Payment Services concentrates on developing unique financialservices solutions for corporates, institutions and individuals with the goalof streamlining the process and saving money. Fibonacci offers two solutionsfor corporate clients.GoSwiff is the leading provider of mobile payment platforms and marketingsolutions. The company offers an integrated mobile commerce platform formobile and in-store payment acceptance and integrated value-added servicessupporting the growing demand and engagement in all markets.Cardable helps its users get better deals from their credit/membership/loyaltycards by consolidating and displaying the promotions relevant to them.Numoni develops and sells cash-transaction terminals that facilitatee-transactions to the underbanked community. The company offers front-enddevices, such as self-service kiosks and mobile/smartphone applications fordealers on the move; and back-end systems, which include a web-based supportapplication to the core system for dealers to view their profiles.