Singapore is a financial superpower The region’s growing middle class and large consumer base is bringing more attention to the city and its economy. How is fintech innovation affecting Singapore?
For one, the Singapore Government is developing regional e-payment strategies. According to Mr S. Iswaran, the Minister for Trade and Industry, “This will empower small businesses across the entire region which seek to serve the broad population base of over 600 million in Southeastern Asian nations and perhaps through further linkages beyond.” Mr Iswaran shared these words at a conference on “FinTech and Financial Inclusion”, co-organised by the Singapore Management University‘s Sim Kee Boon Institute for Financial Economics and the International Monetary Fund.
The increasingly linked network within neighboring cities will support the development of payment solutions those without banks in the region. The Government also assists local merchants with the establishment of strategic partnerships with major payment players.
The explosion of financial technology, or fintech, will allow millions of Asians to have easy access to financial services. Singapore, a global economic hub, has a major role to play in leading this revolution.
Singapore must regulate an environment capable of stabilizing the financial system while providing an environment conducive for fintech innovation.
In fact, fintech will be a crucial differentiator for Singapore to remain a regional financial hub. If Singapore can nurture a strong pool of talent, it will move in the right direction toward meeting the needs of the fintech industry.
DBS Group chief executive Piyush Gupta said Asia holds “multiple and profound” opportunities. He notes, “Society and humanity will change dramatically in the next five, 10 years in terms of what is socially acceptable.”
In fact, fintech is so essential to Singapore’s influence that PayPal just launched a lab in the city. Great news for Singapore’s future, as the lab will foster a new generation of fintech startups. The program will also generate profitability for startups by providing advice, guidance, and necessary payment processing.
With Mr. Iswaran at the helm, fintech will guide Singapore into its next powerful chapter.
Please read more about this topic on Forbes; Falguni Desai has written a terrific piece titled, “The Intersection of Fintech and Financial Inclusion in Asia.”