Singapore – Global Leader in Fintech

The recent 2018 Global Fintech Hub Report, looking into Fintech Hubs all around the world, more than 70 cities in 6 continents.  Global leader in Fintech hubs are #1 Beijing, #2 San Francisco, #3 New York, #4 London and #5 Shanghai.  Singapore is not far behind, ranked number 11 just after Hong Kong (number 10).  

Fintech Global Hubs Report Key Findings

• Asia and Americas are the leader in Fintech hub, with 6 our of top 7 hubs are in Asia and Americas. 
• Fintech adoption rate is gradually increase all around the world, leading by China and India while deceloped nations are still lag behind. 
• Traditional financial institution like banks are either focus on their own strength or looking into collaborate with Fintech
• Regulatory is still playing a catch up in the Fintech space.  This may lead to rouge operations,  collapses of certain fintechs, which hinder the sustainability of the fintech industry
• Fintech investment volume and size increases annually
• There are 25 emerging Fintech hubs., assessed by the performance and regional influence.  11 out of 25 are within Asia/Australia and 10 out of 25 are from Europe

Singapore – Global Leader in Fintech Policy Support and Regulation

Singapore remains the same spot at number 11 from the previous year 2017 report.  The country poses opportunities for Fintech to emerge, from large number of SMEs (99% out of 220,000 enterprises are SMEs) to a high demand of foreign exchange cross-broder transactions. 

Key findings:

• Deemed as the most ‘technology-ready’ nation
• Rank #1 in Fintech regulation with strong government support.  An annual Fintech Festival organised byMonetary Authority of Singapore showcases Singapore leading Fintech industry
• Rank #8 in the number of Fintech businesses where they have received fundings exceeding USD 50 millions.

Reference

2018, The Future of Finance is Emerging: New Hubs, New Landscapes, Link