During the last few years, the high-tech industry found its way into the financial one which led to the development of a new economic sector all over the world: the financial technology industry. Singapore has picked up the trend and even more, fintech helped it become one of the most reputable financial hub in Southeast Asia, and also at global level. Below we will sum up some of the reasons why Singapore has become one of the most sought fintech destinations in the world. You can rely on our Singapore company formation consultants if you want to open a company in the financial sector here.
One of the greatest supporters of the financial technology sector in Singapore is the government which worked together with the Monetary Authority in order to create a suitable environment for the companies operating in this field. At the end of last year, the government issued a 225 million SGD grant for financial companies over the next 5 years. Another program provides for funds worth 200,000 SGD for each project involved in concept trials related to the fintech industry in Singapore.
The Monetary Authority also encourages IT companies to develop programs destined to ease the operations of financial companies. These programs can imply the creation of Application Programming Interfaces which allow for data sharing between financial institutions.
Foreign investors who want to open a company in Singapore in the financial sector can obtain more information on the laws related to this industry from our company registration agents.
Stability is the key for the development of every economy and Singapore boasts one of the most stable economies in region. This is one of the reasons why fintech startups have become some of the most important players in the fintech industry in Singapore. Startups in Singapore are currently testing some of the most innovative tools employed in the fintech sector, among which digital and mobile payment solutions and even blockchains.
It should be noted that Singapore ranks on top positions in some of the most important reports related to the fintech industry, among which the Global Competitiveness Index and the FinTech Report.
If you want to set up a company in the fintech sector in the city-state, please feel free to contact our company formation experts in Singapore.