Singapore is a leading international financial centre and a serious contender for the global number one spot in FinTech. Government support for FinTech is strong with S$225m committed to the development of FinTech projects and proofs of concept. Other initiatives include the Regulatory Sandbox, Cloud Computing Guidelines, Strategic Electronic Payments, FinTech Office, MAS Innovation Lab, International Technology Advisory Panel and Talent Development.
Singapore Profile
- Data analytics
- UX
- Big data
- Machine learning
- Gamification
- Investment management
- Compliance
- Cyber security
- Wealth management
- Robo advisors
- Regulatory uncertainty
- Risk averse culture
- Underdeveloped startup ecosystem
MDAQ is backed by prominent investors, valued at over $250m. Also, it is noteworthy that, as well as startups, incumbent financial institutions in Singapore are proactively embracing FinTech. The move by the MAS to bring in industry talent to drive FinTech forward paid rich dividends and positioned the MAS as the leading regulator to drive progressive thinking in FinTech innovation.