The FinTech eco-system is rapidly growing in Singapore with the support of recent initiatives by the MAS (Monetary Authority of Singapore) and the Deputy Prime Minister’s announcement to review the regulatory process for Venture Capital managers. MAS recently announced its cooperation agreement with Government of Andhra Pradesh (GoAP) to explore joint innovation projects on technologies including digital payments and blockchain and collaborate on the development of education programmes/curricula on FinTech. Singapore houses over 300 FinTech start-ups already and is known for being a hub to commerce operating in South East Asia. The government and regulatory authorities have indicated to review and introduce further incentives for FinTech companies in 2017.
The UK Government has announced a new “FinTech Bridge” to help UK FinTech firms and investors access the Asian market and expand to Singapore, as well as attracting Singaporean FinTech companies and investors to the UK.
The launch on 11 May 2016 included the signing of a regulatory cooperation agreement between the Financial Conduct Authority (“FCA”) and the Monetary Authority of Singapore (“MAS”). The agreement will enable the regulators to refer FinTech firms to their counterparts across the globe. It also sets out how the regulators plan to share and use information on financial services innovation in their respective markets.