The financial sector in Singapore is an area poised for sweeping changes. In this article, we discuss how Singapore is ushering in the FinTech wave, and the host of government initiatives your company can benefit from by responding to Singapore’s rallying cry.
A Clear Vision
According to its newly-launched industry transformation map in the year 2017, Singapore has set its sights on becoming a high-tech financial hub. In addition to creating 3,000 jobs in financial services each year, Singapore aims to create at least 1,000 jobs in the FinTech sector.For this aim to materialise, Singapore has spurred innovation in the financial services sector by creating safe spaces with relaxed regulations, called regulatory sandboxes, for FinTech experimentation. Test your promising innovation under these conducive conditions for a shot at mass adoption!
The Right Talent
With the growing prevalence of FinTech, Singapore’s central bank is committed to building a strong local pipeline of specialised talent, particularly in information technology, by collaborating with financial institutions and institutes of higher learning.As financial services and wealth management firms are increasingly prioritising new skill sets such as coding and algorithm-building, professionals from traditional financial services firms can easily pick up the skills they need – with the help from a newly launched career centre overseen by the Institute of Banking and Finance (IBF), Singapore’s accreditation and certification agency. This ensures that your company benefits from a burgeoning talent pool as you grow your business.
An Innovative Culture
Across Singapore, FinTech start-ups are mushrooming, seizing the opportunity to simplify seemingly complex activities, such as paying or investing, through intuitively designed products and interfaces. The take-up rate of mobile payments in Singapore has been promising as well, with more than 8 in 10 Singapore consumers adopting e-payments and almost 3 in 5 Singapore merchants accepting e-payments.Many traditional financial institutions here are also ramping up their offerings in digital financial services like peer-to-peer payment and personal finance advisory within their mobile apps. The time is ripe for your FinTech company to be part of Singapore’s cashless momentum with potentially disruptive technologies.
Besides saving time and costs for performing activities that involve the exchange of money, FinTech has afforded businesses in Singapore the opportunity to create market spaces for themselves or even open up new markets. Ravi Menon, Managing Director of Singapore’s central bank, has acknowledged that FinTech has made headway in bringing under-served markets into the formal financial economy.Companies such as MatchMove, for instance, were able to quickly scale by providing unbanked individuals with the means to store value and transact digitally. Relationship managers in Singapore have also started using artificial intelligence and data analytics to predict whether their clients are likely to increase their assets under management, or make a withdrawal. Jump on the bandwagon today to take full advantage of emerging opportunities in Singapore and the region!
Ride the wave of Singapore’s FinTech growth and disrupt the financial sector of tomorrow! Whether you are looking for more information or assistance on company incorporation in Singapore, chat with us to get started today.