Singapore at the forefront of fintech revolution

Singapore is increasingly taking interest in the emerging financial technology industry and making efforts to spearhead fintech revolution.

In a keynote address at Global Technology Law Conference 2015 on 29 Jun 2015, Ravi Menon, Managing Director, Monetary Authority of Singapore (MAS), said that Singapore has set its sights on becoming a ‘Smart Nation’ – one that embraces innovation and harnesses info-comm technology to increase productivity and improve the welfare of people. To that end, he emphasized on the need for a Smart Financial Centre that goes beyond the financial industry, and helps nurture a wider fintech ecosystem.

Various financial institutions, financial industry incumbents along with the MAS have embarked on this path and are creating a favorable environment for fintech startups.

A report commissioned by the HM Treasury noted that Singapore is increasingly active in fintech policy and benefits from initiatives to make it an attractive place to set up a business.

Earlier this month, the United Overseas Bank (UOB), held an event showcasing the startups selected for its 100-day accelerator program FinLab – an innovation lab that aims to promote and accelerate the growth of the rest of the brightest FinTech startups in the region. The UOB launched FinLab in partnership with Infocomm Investments Pte Ltd (IIPL).

According to Alex Lin, head of IIPL, fintechs in Singapore are a good mix of startups in the B2C (business to consumer), B2B (business to business) and B2B2C (business to business to consumer) spaces, Business Times reported.

“There are also startups that stretch the definition of fintech. But there’s definitely a trend of products and services with a heavier focus on the customers instead of users – and that’s because a focus on the customer will inherently mean business with and through the bank”, Lin said.

This was followed by OCBC’s Open Vault fintech accelerator demo day, in which it announced that it will help pilot three fintech solutions in the coming months for its wealth management and home loans services.

In April, the MAS announced the inaugural Singapore FinTech Festival, to be held in Singapore from 14 to 18 November 2016. As part of the FinTech Festival, the MAS and the Association of Banks in Singapore (ABS) are inviting entries for the inaugural FinTech Awards. The submission of entries will be open till 31 August 2016. 

In a move to further encourage fintech efforts in the country, the MAS has set up an International Technology Advisory Panel (ITAP),  comprising of chief innovation and science officers in major financial institutions, Fintech business leaders, venture capitalists, and thought leaders in technology and innovation. ITAP members include the likes of Blythe Masters, CEO of Digital Asset Holdings; David Gurle, CEO of Symphony Communications; Michael Stumm, co-founder of Oanda; Tim Grant, MD of R3; and many others.