The job market is however recovering steadily as local FinTech investments rebounded in the second quarter of 2020 from US$68Mil to US$278Mil, creating more employment opportunities. Comparison of FinTech investments in Asia versus Singapore, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. Moving forward, the government should continue its progressive attitude towards regulation and ensure regulations remain current. 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. 40+ Global Satellite Events. Please continue to monitor the Responding To Coronavirus Hub for updates. By leveraging on cross-regional alliances, such as FinTech bridges, B2B FinTechs would also be able to achieve scale and expand to neighbouring markets with greater ease. 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 … However, talent remains a top priority for FinTechs and needs continued investment. But the funding landscape in Singapore has remained somewhat less volatile, according to the Oliver Wyman/SFA study. There is no need to provide the name and stamp of your organisation if you're contributing … 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. Fintech funding declined to US$68 million in Q1 2020 to but significantly rebounded in Q2 2020 to reach US$278 million. We detail the implications of this evolving landscape on incumbents and insurtechs. We are experiencing more change in the payments space than. This article was first published on December 8, 2020. Fintech startups in Singapore closed 48 deals in 2020, up from 42 deals in 2019. To create a sustainable talent pipeline, focusing on fostering a culture of innovation could provide benefits through specific actions, such as overseas secondment. Working with over 60 partners all over the world, SWITCH brings you deep market access … Supported by Infocomm Media Development Authority (“IMDA”), Singapore’s Blockchain Landscape 2020 map includes a new industry segment, Decentralised Finance a notable area for 2020 … Over the past five years, the Singapore fintech ecosystem has grown rapidly, with exponential growth in the number of fintechs and people employed by them. by Fintechnews Singapore December 11, 2020 The Monetary Authority of Singapore (MAS) has announced the results of the MAS Global FinTech Innovation Challenge 2020. 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. At the annual Singapore Fintech Festival (SFF), MAS stressed its commitment towards blockchain, green finance and open banking. 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. 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 first, announced on April 8, 2020, is a S$125 million COVID-19 care package for the financial and fintech sectors aimed at helping businesses support their workers, enhance operational readiness and resilience, accelerate digitalization and boost capabilities. Welcome to SFF 2020 Welcome to this unique and hybrid edition of the Singapore FinTech Festival. SWITCH Global Channel features carefully curated content from Enterprise Singapore's global innovation network. Share; This article was first published on December 8, 2020. Singapore FinTech Landscape 2020 And Beyond. 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. Growth of number of fintechs and employees in 5 years, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. Partnerships are especially important as attitudes regarding B2C versus B2B business models in Southeast Asia have evolved with larger players dominating the B2C market. Our Expertise. Like other parts of the world, fintech funding in Asia took a hit amid the global pandemic. All fees payable for the tickets are in Singapore Dollars and are subject to an additional 7% Goods and Services Tax (GST). Tap into SFA’s extensive global … by Fintechnews Singapore December 17, 2020 Despite global turbulences caused by COVID-19, the Singapore fintech industry remained resilient in 2020 on the back of new favorable rules, fintech … The Digital Banking Symposium 2020, co-organised by the Singapore FinTech Association (SFA) and Banking and Financial Services Union (BFSU), aims to help attendees deep dive and explore the impact … 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. 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 … 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. The MAS Global FinTech Innovation Challenge comprises 2 distinct competitions; MAS Global FinTech Hackcelerator and MAS FinTech … Editor's note: Oliver Wyman is monitoring the COVID-19 events in real time, and we have compiled resources to help our clients and the industries they serve. 240+ Hours of World-Class Content. The Singapore FinTech Festival (SFF) is the world’s largest and most inclusive FinTech event that brings together heads of state, financial and technology leaders, FinTech founders, policy makers, investors … As the sector matures in the coming few years, later-stage funding will also develop. Singaporean fintech companies have overall benefited from the digitalization push that came with the COVID-19 pandemic. Singapore Fintech Report 2021: Blockchain Dominates Singapore’s Fintech Scene. Despite global turbulences caused by COVID-19, the Singapore fintech industry remained resilient in 2020 on the back of new favorable rules, fintech initiatives from the government, and increased demand for digital solutions. This allows for a more holistic view and understanding of one’s finances, MAS said. SFF 2020 also saw the launch of the Singapore Financial Data Exchange (SGFinDex), the city state’s take on open banking. The second initiative, called the MAS-SFA-AMTD Fintech Solidarity Grant, was launched on May 13 by MAS, SFA and AMTD Foundation (AMTD), and seeks to support Singapore-based fintech firms in managing cashflow, generate new businesses, and pursue growth strategies. 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. The growth of FinTechs is expected to accelerate as a result of the digital transformation brought about by the COVID-19 pandemic, a negative social situation that has nevertheless benefitted many FinTechs in terms of adoption. 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. 1. 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. SGFinDex Infographic, Source: MAS, Dec 2020. MAS-SFA-AMTD Fintech Solidarity Grant Infographic, Source: Monetary Authority of Singapore (MAS). WHY YOU SHOULD SPONSOR THE SINGAPORE FINTECH AWARDS 2020 Be a part of this exciting, high profile industry that is set to grow even further in the coming years. A highly anticipated Fintech development that took place this year was the granting of the 4 digital banks in Singapore... For 5 days and in 40+ Fintech hubs around the world, SWITCH brings you deep market access … Pay. Singapore should continue its progressive attitude towards regulation and ensure regulations remain current employees of Oliver Wyman Racial. 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