During the last few years Singapore has developed one of the most appealing environment for the development of small and medium-sized enterprises (SMEs) which are now the engine of all performant economies in the world. However, Singapore has one more advantage over other countries in the region and that is the banking system which offers various financing solution which has led to the development of fintech companies. This is how Singapore is now home to 2 in 5 fintech businesses in the ASEAN community. If you want to set up a business in the city-state, our Singapore company formation agents can help you.
One of the difficulties SMEs registered in ASEAN countries face are related to obtaining financing for their incoming projects which is how the fintech environment developed in Singapore. Fintech businesses come with innovative solutions which are beneficial for their clients and themselves. This way, Singapore is becoming home to more and more fintech companies. Today, 2 in 5 companies in the fintech sector are registered in Singapore and from there they address the needs of both local SMEs and companies in neighboring countries.
According to the ASEAN report, Singapore has one of the most developed financial infrastructure and regulatory framework which supports de creation and thriving environment of fintech companies.
Our company formation consultants in Singapore can explain these regulations.
Which is essential for the creation of fintech companies because the bank financing options are not that many. This way, Singapore fintech companies can fill in the gaps created by the lack of credit options and the needs of SMEs.
According to the report, in October 2017, there were 376 fintech companies registered in the ASEAN region, out of which 102 are located in Singapore. With this high expansion rate, the value of digital payments in the city-state are expected to grow up to 21 billion USD by 2021, 14.3% higher than in the present.
Foreign investors who want to invest in the city-state are invited to contact our Singapore company formation specialists for information. Please contact us if you want to open a company in the Lion City.