Fintech is on everybody’s lips these days as this industry is one of the most prolific segments all over the world, therefore sought investment sectors all over the world. Singapore is on the short list of countries where foreign enterprisers decide to set up financial technology businesses, as this where fintech comes from. With more than 200 banks operating here, Singapore has established itself as a fintech hub in Southeast Asia. Moreover, the government is committed in spending 225 million SGD in the following years on the development of fintech systems and the attraction of new companies and talent interested in this sector.
If you want to open a fintech company and need assistance, our Singapore company formation specialists can offer detailed information on the laws you need to comply with.
We have also prepared a video on how to establish a fintech company in Singapore. Please watch it below:
Company registration in Singapore
The first step to create a fintech business is to open a company in Singapore. The registration process is quite simple and can be handled by our company formation agents in Singapore.
Following that, the fintech company must obtain the operating license, which is a special license issued by the Monetary Authority of Singapore to banking and insurance institutions developing innovative solutions which will be employed in the financial industry. However, not only financial companies can create fintech solutions, as IT companies are the engine of the innovation sector in Singapore.
Our company formation consultants in Singapore can help you set up an IT or a fintech company in the city-state.
Assistance for fintech companies in Singapore
As mentioned in the beginning, the government through the Monetary Authority has committed to invest in the fintech sector in Singapore which is why it has enabled several assistance schemes, among which:
- – the Financial Sector and Technology and Innovation scheme;
- – the Startup SG Accelerator scheme;
- – the Startup SG Tech program;
- – the Capabilities Development Grant;
- – the Startup SG Founder program.
For full information on the requirements related to opening a fintech company in Singapore, please feel free to contact us. You can also rely on our company formation advisors in Singapore for assistance with the company incorporation procedure.