Our Expertise. 2. 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. Insights. SFF 2020 also saw the launch of the Singapore Financial Data Exchange (SGFinDex), the city state’s take on open banking. Breakdown of the Indonesian Fintech Ecosystem, Source- Indonesia Fintech Report 2020, Fintech News Singapore, Nov 2020 Key fintech trends These past two years have seen early signs of … Progressive regulatory support: Strong government support with an established regulatory framework has led Singapore to be an attractive location for FinTechs. Organized by the Monetary Authority of Singapore (MAS), Singapore Fintech Festival 2019 saw more than 60,000 participants from 140 countries As of February 2020, MAS has signed 33 FinTech Co-operation … Closing Date: 10 July 2020, 2359 hrs Applications are now closed. 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 … 60,000+ Attendees in 2019. To support this growth, Singapore should continue to attract global investors to the region. It also includes a licensing regime for digital asset exchange and platforms. At the same time, it should continue to open up the financial services infrastructure to FinTechs to level the playing field, and seek to harmonise standards across the region. Business and Tech talent pool: Singapore has a deep existing talent pool as a result of the initiatives implemented over the past five years to incorporate interdisciplinary skillsets into the curricula for higher education and provide upskill training courses for the existing workforce. The two first were granted digital full banking licenses, allowing them to offer retail customer services such as account opening, deposits as well as debit and credit cards. Singapore Fintech Festival 2020: All You Need to Know by Fintechnews Singapore November 6, 2020 Singapore Fintech Festival (SFF), the largest annual fintech festival in the world, is coming back in December 2020 for the second edition of its SFF x SWITCH event in collaboration with Singapore … The new law consolidates existing payments regulatory frameworks and introduces new types of licensable payment services. … 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. Live 24 hours a day for 5 days and in 40+ FinTech hubs around the world. For Bulk Booking of 30 or more tickets, … But the funding landscape in Singapore has remained somewhat less volatile, according to the Oliver Wyman/SFA study. The MAS Global FinTech Innovation Challenge comprises 2 distinct competitions; MAS Global FinTech Hackcelerator and MAS FinTech … MatchMove Pay. They are also allowed serve corporate customers. 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 Monetary Authority of Singapore (MAS) launched the MAS Global FinTech Innovation Challenge which seeks to identify … Please continue to monitor the Responding To Coronavirus Hub for updates. 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. Asia’s 5 Most Promising Fintech Companies, SAP.iO Foundry Singapore Launches Fintech and COVID-19 Recovery Acceleration Program, Blockchain & Distributed Ledger Technology in Financial Services. 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. A highly anticipated fintech development that took place this year was the granting of the city state’s first digital banking licenses. A growing number of global reports and rankings pinpoint Singapore as a region to watch for both current and future potential. 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 … Moving forward, the government should continue its progressive attitude towards regulation and ensure regulations remain current. 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 … Singaporean fintech companies have overall benefited from the digitalization push that came with the COVID-19 pandemic. 40+ Global Satellite Events. Our joint Asia Banking report with Morgan Stanley for 2020 provides an overview of the post-pandemic “new normal” for Asian banking sector and discusses how banks should rethink their digitalization journeys to recover and return to growth in the new normal. Comparison of FinTech investments in Asia versus Singapore, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 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. Hear live content from over 40 FinTech … 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. 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. 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. Singapore FinTech Landscape 2020 And Beyond. Singapore also recorded an all-time high FinTech investment of S$ 1 billion in 2019, and a 19% Y-o-Y increase in FinTech investments in the first half of 2020, amidst the COVID-19 pandemic. The other two were awarded digital whole banking licenses, allowing them to serve corporates and small and medium-sized enterprises (SMEs). 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. We are experiencing more change in the payments space than. 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