Market Intelligence
Financial Services eCommerce Industry Singapore

Singapore FinTech Market

Singapore’s fintech space remains robust, with a broad and diverse range of fintech companies operating within it. There are 1,000+ fintech firms and 40+ innovation centers. In 2021, there were a record USD3.9 billion in fintech investments in Singapore. The fintech space here consists of 

•    Payment (31 percent)
•    Fintech Infrastructure Providers (18 percent)
•    RegTech (17 percent)
•    Lending (15 percent)
•    Money Management (8 percent)
•    Others (11 percent)

Digital Payment is the largest sector, and the top two sub-categories are Money Transfers/Remittances and Online Payment Gateways. Analysts predict that Neo-banking (digital and mobile-first banking) will grow 30.1 percent in 2023. Within the fintech sector, participants not only appear to offer a wide range of services across identified sub-sectors, but it is common for players to take on a diversity of business models (i.e., B2C and B2B).

The Government’s stated outcome of fintech in Singapore is to expand economic opportunity, enhance social inclusion, reduce risks, and protect the planet. Singapore’s central bank and financial regulatory authority, the Monetary Authority of Singapore (MAS), is committed to innovation. Singapore aims to be the center for innovative and responsible digital asset activities.

Fintech projects in Singapore cover areas such as 

•    Digital Payment (GrabPay and, Gojek)
•    Wealth Management (StashAway and, Endowus)
•    Blockchain (Acronis)
•    Insurtech (Policypal and, GoBear)
•    Lending and financing (Funding Societies)
•    Regtech (Acuity Trading and, InvoiceInterchange) 

These investments and projects complement clear regulatory direction and Government support. 

Current drivers of growth and development in Singapore include:

•    Rising penetration of digital financial technology.
•    Accelerated adoption of online payment systems.
•    Increasing embedding of financial services into e-commerce and other platforms.
•    Growth of buy-now-pay-later.
•    Increased regulations for cryptocurrencies. 

Emerging trends for Singapore’s fintech industry are Singapore becoming a regional green financial hub (e.g., Project Greenprint), the use of blockchain technologies, the use of Artificial Intelligence, and the MAS review of its approach to stablecoins. 

The Singapore FinTech market is very competitive for both foreign entrants and home-grown companies in both the B2C and B2B spaces. And the startup market is both small (in terms of market size) and saturated. 

Financial companies have had to change, pressured by competition and digital banks, and fintech companies in Singapore have made consistent strides in providing digital solutions to traditional financial institutions. Fintech sales cycles are long, and companies have many eager vendors. 
Many global fintech companies look at Singapore as the location of choice to access the growth markets of Asia, especially southeast Asia. Singapore will continue to attract and encourage foreign fintech organizations to establish operations here and nurture a domestic startup scene to ensure that new solutions and services make their way to the market. 

American companies interested in learning about the Singapore Fintech industry should attend the Singapore Fintech Festival (SFF) on November 15-17, 2023. American companies interested in exhibiting at SFF 2023 and working with the United States Embassy to access the Singapore or Southeast Asia fintech market should contact Commercial Specialist  Amelia Yeo