Great Asian FinTech momentum building up! Singapore positioning itself as hub with strong ecosystem and stable regulatory and fiscal climate! Singapore's fintech drive comes as its role as an offshore private banking centre is under threat from a multi-billion-dollar money laundering scandal in neighbouring Malaysia, and as Indonesia chases undeclared money parked in the low-tax city state.
SINGAPORE: Singapore is rushing to reinvent itself as Asia's financial technology, or fintech, hub to fend off a regulatory threat to its wealth management industry and revive a sluggish economy.
State funding, light-touch regulation and a recent move to allow start-ups to test financial products in a controlled environment have put Singapore ahead of rival Hong Kong to be Asia's fintech hotspot.
Much like Uber, Airbnb and others have harnessed technology and online social networking to disrupt taxi and hotel services, fintech firms are shaking up the traditional banking and financial services industry.