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Articles

Singapore Signs Fintech Agreement with Brunei

Written by: Bridgewest

Financial industry or fintech is currently one of the most important sectors of Singapore’s economy. The development of this industry has attracted many foreign countries which have signed various fintech agreements with Singapore, one of the latest being Brunei. At the beginning of May, Singapore and Brunei signed the two agreements: one related to their cooperation in the fintech industry and one related to exchange of information. Our company formation agents in Singapore can help foreign investors to open a company in Singapore in the fintech sector.

The economic relations between Singapore and Brunei date more than 50 years back

Singapore and Brunei have had a great economic cooperation in the trade and tourism industries, each county attracting investors from the other. Also, Singapore and Brunei have had a good collaboration for more than 50 years now, which is why the new fintech agreement was saluted by both government.

The first step towards the agreement is a Memorandum of Understanding on Info-Communications Media Cooperation signed by the ministries of communications in both countries. According to this agreement, companies in Singapore and Brunei will work together on the creation of new fintech solutions and will exchange know-how in the same field.

Our company registration advisors in Singapore will offer information on the regulations related to the fintech industry.

The financial technology industry in Singapore

The fintech agreement with Brunei is the result of the strong development of this industry in Singapore. During the last few years, the Singapore government has invested massively in the modernization of the financial industry and both private and public companies have come up with innovative solutions which transformed the city-state into a fintech hub in the Southeast Asian region.

Foreign investors who want to open companies in the fintech industry in Singapore have several choices, among the most popular being cryptocurrency businesses, crowdfunding platforms and e-money agencies.

How can you open a company in Singapore? 

If you want to open a company in Singapore in the financial technology industry and need guidance, please feel free to contact our company formation consultants in Singapore.

 

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