An industry survey conducted earlier this year found that 66% of fintechs saw an increase in demand in their business during COVID-19, and 40% believe that the increase is likely to be sustained over a longer period of time. Organized by the Monetary Authority of Singapore (MAS), Singapore Fintech Festival 2019 saw more than 60,000 participants from 140 countries As of February 2020, MAS has signed 33 FinTech Co-operation … All fees payable for the tickets are in Singapore Dollars and are subject to an additional 7% Goods and Services Tax (GST). Moving forward, the government should continue its progressive attitude towards regulation and ensure regulations remain current. Digitalization To Redefine The New Normal. However, talent remains a top priority for FinTechs and needs continued investment. Hock Lai Chia, Founding President, Singapore FinTech Association Janet Young, Managing Director, Head of Group Channels and Digitalisation, United Overseas Bank Limited Jeff Cruttenden, Co … Our joint Asia Banking report with Morgan Stanley for 2020 provides an overview of the post-pandemic “new normal” for Asian banking sector and discusses how banks should rethink their digitalization journeys to recover and return to growth in the new normal. All four digital banks are expected to go live by early 2022, according to a Straits Times report. They are also allowed serve corporate customers. As for MatchMove, it permits companies to provide a completely branded secure … … Singapore also recorded an all-time high FinTech investment of S$ 1 billion in 2019, and a 19% Y-o-Y increase in FinTech investments in the first half of 2020, amidst the COVID-19 pandemic. © 2015 - 2021 Copyright CK Finanzpro GmbH. The event saw the launch of a new S$12 million blockchain research program that aims to accelerate development and adoption of the technology, as well as the introduction of Project Greenprint, a new tech platform that connects SMEs and fintech companies working on green and sustainable projects to financial institutions and investors. 1. 40+ Global Satellite Events. The Monetary Authority of Singapore (MAS) has announced the winners of the 2020 Global Fintech Innovation Challenge. Progressive regulatory support: Strong government support with an established regulatory framework has led Singapore to be an attractive location for FinTechs. To help the fintech sector stay afloat during the pandemic, the Monetary Authority of Singapore (MAS) launched two major support packages for fintechs. FinTech funding has risen steadily to fuel this growth, exhibiting resilience amidst the pandemic. With the recent launching announcement of the 4 digital banks in Singapore… Live 24 hours a day for 5 days and in 40+ FinTech hubs around the world. We are one of the FORTUNE 100 best companies in the world to work for, Download Oliver Wyman Ideas App Our latest insights on your mobile device, Singapore FinTech Landscape 2020 And Beyond, Partner and Head of Corporate Finance & Advisory, Asia-Pacific, SFA and Oliver Wyman launch report titled, ‘Singapore FinTech Landscape 2020 and Beyond’, Singapore Fintech Investments Rebounded To $371 Million In Q2. Growth of number of fintechs and employees in 5 years, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. Lincoln is an Asia FinTech Leader and Under 30 Fintech Leader - Singapore FinTech Awards 2019, he is also a visiting lecturer for Japan Financial Services Agency and visiting lecturer at Nanyang … The regulator plans to expand the platform to insurance policies as well as the stock market in the near future. The Monetary Authority of Singapore (MAS) launched the MAS Global FinTech Innovation Challenge which seeks to identify … This represents more than 11.5% of all fintech funding in Asia for the quarter. All Rights reserved. To create a sustainable talent pipeline, focusing on fostering a culture of innovation could provide benefits through specific actions, such as overseas secondment. However, last year’s US$383.5 million in total deal value was just shy of 2017’s US$393.8 million. The growth trajectory of Singapore’s FinTech industry has been impressive to date. SWITCH Global Channel features carefully curated content from Enterprise Singapore's global innovation network. There is no need to provide the name and stamp of your organisation if you're contributing … Singaporean fintech companies have overall benefited from the digitalization push that came with the COVID-19 pandemic. Exhibit 3: Singapore FinTech map 2020 Non-exhaustive Payments and Remittances LendingCredit InsurTech Capital Markets Data Analytics Personal Finance Wealth Management Blockchain, DLT, Crypto FinTech as a Service v RegTech, Security Authentication Source: Singapore FinTech … At the same time, it should continue to open up the financial services infrastructure to FinTechs to level the playing field, and seek to harmonise standards across the region. Insights. Leveraging SGFinDex, Singaporeans can consolidate all of their finances through financial planning services offered by financial institutions as well as through MyMoneySense, a free financial planning digital service offered by the Singapore government. Coupled with progressive attitudes towards FinTechs and the introduction of new guidelines to provide clarity, regulators have helped encourage innovation in the sector. According to new report by Oliver Wyman and Singapore Fintech Association (SFA), Singapore is now home to more than 1,000 fintech companies employing over 10,000 individuals. Embracing a Mobile Culture: How to Satisfy Customers Without Compromising Security, Financial Services Specialist - Payments, Asia Pacific, Accuity: Four Digital Payment Trends in 2021 for Banks and Payment Service Providers. Closing Date: 10 July 2020, 2359 hrs Applications are now closed. Fintech funding declined to US$68 million in Q1 2020 to but significantly rebounded in Q2 2020 to reach US$278 million. Comparison of FinTech investments in Asia versus Singapore, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. Terms & Conditions. Singapore, which has held the 4 th rank in GFCI’s ranking of global financial centres, also ranked 8 th in its inaugural fintech … For Bulk Booking of 30 or more tickets, … The MAS Global FinTech Innovation Challenge comprises 2 distinct competitions; MAS Global FinTech Hackcelerator and MAS FinTech … It also includes a licensing regime for digital asset exchange and platforms. MatchMove Pay. Singapore FinTech Landscape 2020 And Beyond. Tap into SFA’s extensive global … The Payment Services Act came into force on January 28, 2020, providing a single, activity-based and risk-specific legislation for payment-related services in Singapore. by Fintechnews Singapore December 11, 2020 The Monetary Authority of Singapore (MAS) has announced the results of the MAS Global FinTech Innovation Challenge 2020. Singapore Fintech Festival 2020: All You Need to Know by Fintechnews Singapore November 6, 2020 Singapore Fintech Festival (SFF), the largest annual fintech festival in the world, is coming back in December 2020 for the second edition of its SFF x SWITCH event in collaboration with Singapore … May 20, 2020 Best Fintech Courses in Singapore in 2020 As one of the largest Fintech hubs globally, Singapore continues to show great initiatives to both support players in the industry and … Businesses cited motivations including increased efficiency, improved customer experience and ensuring business continuity. 800+ Global Speakers . Like other parts of the world, fintech funding in Asia took a hit amid the global pandemic. Asia’s 5 Most Promising Fintech Companies, SAP.iO Foundry Singapore Launches Fintech and COVID-19 Recovery Acceleration Program, Blockchain & Distributed Ledger Technology in Financial Services. Though fintech funding activity remains largely dominated by early-stage rounds, especially when compared to more developed fintech markets like the US and China, later-stage funding is appearing as the market continues to mature. The other two were awarded digital whole banking licenses, allowing them to serve corporates and small and medium-sized enterprises (SMEs). We detail the implications of this evolving landscape on incumbents and insurtechs. Working with over 60 partners all over the world, SWITCH brings you deep market access … MAS gave the greenlight to four applicants in December: the Grab-Singtel consortium, technology giant Sea, China’s Ant Group, and a consortium comprising Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management. The 2020 edition of our State Of The Financial Services Industry report explores how pressure is building on firms to deliver on investment programs and how we believe winning firms will manage the collision between vision and value. Singapore’s fintech industry continued its momentum in 2020 on the back of new regulations, fintech initiatives from regulators themselves and the introduction of the city state’s very first digital banks Local digital payments startup MatchMove told the Financial Times in September that the number of inquiries from companies wanting to digitalize their payment system had “shot up 10 times” from the beginning of the year and that staff couldn’t keep up. MAS-SFA-AMTD Fintech Solidarity Grant Infographic, Source: Monetary Authority of Singapore (MAS). Share; This article was first published on December 8, 2020. This allows for a more holistic view and understanding of one’s finances, MAS said. B2B FinTechs have become more prevalent with an increased focus on a multi-country strategy. To establish Singapore as a regional FinTech hub that stays on the path to be a global hub, we recommend the following areas of focus: A startup-focused investor ecosystem: Singapore has taken the lead in FinTech funding in Southeast Asia, and government-linked funds have played an important role in kickstarting the FinTech ecosystem, particularly in their support of earlier-stage startups. The 2020 Fintech Landscape in Singapore February 28, 2020 With Singapore fintechs taking 51% of ASEAN funding as of Q3 2019, it comes as no surprise that investors may be keen to learn more about the country’s fintech … Welcome to SFF 2020 Welcome to this unique and hybrid edition of the Singapore FinTech Festival. In July, MAS proposed new regulation that would expand its supervisory powers in a range of areas including additional powers to take enforcement action against individuals, to apply new licensing requirements to certain types of virtual asset service providers, and to impose technology risk management requirements. What’s Next for Hong Kong’s Open Banking and Financial Ecosystem? Hear live content from over 40 FinTech … Business and Tech talent pool: Singapore has a deep existing talent pool as a result of the initiatives implemented over the past five years to incorporate interdisciplinary skillsets into the curricula for higher education and provide upskill training courses for the existing workforce. Please continue to monitor the Responding To Coronavirus Hub for updates. Government-linked capital providers could also play a key role in this endeavour. SGFinDex Infographic, Source: MAS, Dec 2020. 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