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Thanks to its robust regulatory framework and advanced infrastructure, Singapore has recently emerged as a frontrunner in the world of fintech. The country's commitment to nurturing fintech innovation is evident through the government’s establishment of a dedicated fintech office.
In a recent announcement on August 7, 2023, the Monetary Authority of Singapore (MAS) pledged to invest up to S$150 million over three years in the Financial Sector Technology and Innovation Scheme (FSTI 3.0). This initiative aims to accelerate and strengthen innovation by supporting projects incorporating cutting-edge technologies or having a regional impact.
To further drive efficiencies and enhance competitiveness in the financial sector, the FinTech and Innovation Group (FTIG) has been instrumental. This group has expanded its focus to address risk management, develop strategies, and implement regulatory policies for technology and innovation. As a result of these concerted efforts, Singapore has solidified its position as the leading fintech market in the Asia Pacific region and the fourth-largest globally.
The country's well-developed infrastructure also propelled it to the forefront of the global fintech landscape.
Singapore's success story serves as an inspiration and a benchmark for other countries looking to establish themselves as leaders in the fintech space. With its continued focus on innovation and technology, Singapore is poised to shape the future of finance and transform how we interact with financial services.
Subject-matter experts with decades of experience put together this research, not freelance copywriters, content manager, or ChatGPT. Our advisors work with multiple fintech startups and specialize in global fintech compliance.
See also:
Overview of the Singapore Fintech Landscape
Singapore has implemented regulatory changes to address consumer security and fraud concerns in line with technological advancements. Despite decreased venture capital funding, Singapore remains a leader in the fintech industry, hosting over 700 fintech companies in areas such as payments, blockchain, and regtech. The country has also established real-time cross-border payment connections with neighboring countries and participated in international initiatives like Project Nexus.
The Monetary Authority of Singapore is collaborating with other central banks on projects related to digital money and cross-border transactions, including Project Mandala and stablecoin regulation. Singapore has also taken steps to protect consumers by establishing the Singapore Financial Data Exchange. This public digital infrastructure allows individuals to securely access their financial data from multiple agencies through a single access point.
According to Statista, the fintech industry in Singapore is rapidly growing, with significant developments expected in digital assets and payment markets.
Source: Statista - Fintech Singapore
The digital assets market was expected to reach an AUM of US$405.2M in 2023, with a revenue growth of 33.5% in 2024, indicating increasing financial involvement in digital assets.
By 2027, the number of users in the digital payments market is estimated to reach 4.5 million users, indicating a growing preference for cashless transactions.
Top 15 Fintech Companies in Singapore in 2024
Singapore, situated in the center of Southeast Asia's thriving financial sector, has become a vibrant center for fintech advancements. With its advantageous geographical position, strong regulatory system, and forward-thinking government policies, this city-state has become an optimal destination for thriving finance-oriented businesses.
From global payment solutions to wealth management services, the fintech companies based in Singapore are playing a crucial role in shaping the future of the financial industry.
Here's a list of the top 15 thriving fintechs in Singapore to know of (in alphabetical order):
2C2P
https://www.2c2p.com/
17, 30 Raffles Place, Singapore 48622
Fintech Niche:
Financial Services, Payment, E-commerce
Description:
2C2P is a global payment platform for businesses to securely accept payments across online, mobile and in-store channels.
Airwallex
https://www.flipgive.com/
1 Wallich Street, Singapore 078881
Fintech Niche:
Financial Services, Online Payments, International Transfers, API
Description:
A global financial platform for modern businesses, offering trusted solutions to manage payments, treasury, and spend management to embedded finance.
Aspire
https://aspireapp.com/
158 Cecil Street, Singapore 069545
Fintech Niche:
Financial Services
Description:
Aspire is a B2B fintech company serving over 15,000 SMEs in Southeast Asia and the Asia Pacific region. They offer corporate credit cards, multi-currency business accounts, and expense management services. $15 billion in annualized total payment volumes.
Bluzelle
https://bluzelle.com/
5 Shenton Way, Singapore 068808
Fintech Niche:
Blockchain
Description:
Bluzelle is an in-memory data store technology that can be used as a cache or database suited for gaming and media.
Coda Payments
https://www.codapayments.com/
Singapore, Singapore
Fintech Niche:
Payments, Mobile Games, Digital Content, and Fintech
Description:
The leading provider of secure, cross-border monetization solutions for digital products and services in more than 60 markets.
Endowus
https://endowus.com/
158 Cecil Street, Singapore 069545
Fintech Niche:
Financial Services, Robo-Advisor, Investment Management
Description:
Endowus is a digital advisor for private wealth management and public pension savings. It helps users grow their money with expert advice and institutional investment tools. Charging a single access fee, Endowus offers curated portfolios, money management, and AI-enabled robo-advisory services. Endowus focuses on investors in the Asia Pacific region, which holds 40% of global wealth.
Grab
https://www.grab.com/
3 Media Close, Singapore 138498
Fintech Niche:
Digital Payment Services, Software Development, Digital Banking
Description:
Grab is an app in Southeast Asia that provides ride-hailing, food delivery, and digital payments. Through Grab Financial Group, it partners with financial institutions like Citi, Mastercard, and UOB to offer banking, lending, insurance, and micro-investment products. Established in 2018.
M-DAQ
https://www.m-daq.com/
15 Playfair Road, Level 2, Singapore 367987
Fintech Niche:
Financial Services
Description:
M-DAQ is an innovative platform that allows for pricing and trading of exchange-traded products in multiple currencies by incorporating FX rates into equities and futures.
Nium
https://www.nium.com/
168 Robinson Road, Singapore 068912
Fintech Niche:
Financial Services, Payments
Description:
Helping businesses pay and get paid across the globe with services for pay-outs, pay-ins, card issuance, and banking-as-a-service. Provides banks, payment providers, and businesses access to global payments and card issuance services.
OKX
https://www.okx.com/
12 Marina Blvd, Singapore 018982
Fintech Niche:
Crowdfunding
Description:
OKX is one of the world’s leading cryptocurrency spot and derivatives exchanges.
Thunes
https://www.thunes.com/
One Raffles Place Tower 2, 1 Raffles Place, Singapore 048616
Fintech Niche:
Financial Services, Payments, Mobile Wallet, Remittance
Description:
Thunes powers international payments for prominent companies like PayPal, Uber, and Grab. It taps into mobile wallets and alternative banking methods for money transfers. In 2022, Thunes acquired anti-money laundering company Tookitaki to enhance its compliance and anti-fraud capabilities.
Wise
https://wise.com/
12 Kallang Avenue, Singapore 339511
Fintech Niche:
Financial Services, Mobile Payments, Money Transfers
Description:
Wise, founded by PayPal and Skype co-founders, enables fast and affordable global money transfers. It operates in 160+ countries, offers 40+ currency options, and provides a Wise international debit card.
YouTrip
https://www.you.co/
80 Robinson Rd, Singapore
Fintech Niche:
Financial Services
Description:
YouTrip is a Singapore-based mobile app for overseas payments. YouTrip provides foreign exchanges, remittances, and multi-currency debit cards for individuals and businesses. Since its founding in 2018, YouTrip has processed nearly $10 billion in annualized transaction volume.
StashAway
https://www.stashaway.sg/
Singapore 068877 Singapore
Fintech Niche:
Financial Services, Wealth Management, Investing, Financial Planning
Description:
StashAway is an intelligent investment management platform providing affordable offerings to customers looking for more intuitive ways to invest their savings for medium and long-term financial goals.
Validus
https://validus.sg/
150 Beach Road, Singapore 189720
Fintech Niche:
Financial Services, SME Financing, Money Transfer, Crowd Lending
Description:
Validus is an all-in-one SME financing platform in Southeast Asia, helping businesses by leveraging data and AI to drive growth financing to the under-served SME sector – resulting in faster and effortless one-stop financial solutions.
Top Fintech Sectors and Companies in Singapore
Digital Payment
The largest sector in Singapore's fintech market. The digital payment sector has experienced remarkable growth, with money transfers/remittances and online payment gateways leading the way. Looking ahead, the neo-banking segment is poised to make substantial strides and is projected to grow by 30.1%in 2023. With its focus on digital convenience, personalized experiences, and government support, neo-banking is transforming the banking landscape in Singapore, offering a glimpse into the future of financial services. In addition to digital payments, here are several covered areas of fintech projects in Singapore.
Payments and Remittances
Singapore has witnessed a surge in digital payments and remittance platforms, offering convenient and cost-effective solutions for both consumers and businesses.
PayPal
https://www.paypal.com/sg/home
5 Temasek Blvd, Singapore 038985
Fintech Niche:
Digital Payment Services, Software Development, E-Commerce Platform, Digital Banking
Description:
PayPal is a financial service and an E-Commerce Platform company that provides online payment solutions to its users worldwide.
Gojek
https://www.gojek.com/
Axa Tower, 8 Shenton Way, Singapore 068811
Fintech Niche:
Digital Payment Services,
Software Development, Digital Wallet
Description:
Gojek was established in 2010, focusing on courier and motorcycle ride-hailing services. In 2015, Gojek launched its app, providing access to a wide range of services, including transportation, food delivery, logistics, and more.
Wealth Management
Fintech platforms offering robo-advisory services and investment management have gained popularity among tech-savvy investors.
Bambu
https://bambu.co/
70 Shenton Way, Singapore 079118
Fintech Niche:
Financial Services, Robo-Advisor, Investment Management, Wealth Management
Description:
Bambu is a leading global digital wealth technology provider for financial institutions. Enabling companies to make savings and investing simple and intelligent for their clients. The cloud-based platform is powered by our proprietary algorithms and machine learning tools. The company serves over 20 financial institutions globally. Founded in 2016.
Canopy
https://www.canopy.cloud/
151 Chin Swee Road, Singapore 169876
Fintech Niche:
Financial Services, Wealth Management, Investing, Financial Planning
Description:
Canopy is a Singapore-based platform that aggregates, visualizes, analyzes, and reports financial data for high net-worth individuals and wealth management professionals. It offers a comprehensive overview of wealth sourced from various data formats, ensuring anonymity. Founded in 2013.
Insurtech
Singapore's insurance sector is transforming with the rise of insurtech start-ups, leveraging artificial intelligence, big data analytics, and blockchain technology.
BTO (Better Trade Off)
https://www.bettertradeoff.com/
96 Robinson Rd, Singapore 04
Fintech Niche:
Insurtech
Description:
BetterTradeOff is an insurtech startup that developed a life-planning solution, like Aardviser, which uses advanced statistical models and AI to help individuals finance.
AMTD PolicyPal
https://www.policypal.com/
63 Chulia Street, Singapore 049514
Fintech Niche:
Insurtech
Description:
AMTD PolicyPal simplifies insurance for individuals and businesses. It offers a variety of policies online from different providers, using AI and blockchain to improve claims processing.
See also:
Blockchain and Cryptocurrency
Singapore has become a leading hub for blockchain and cryptocurrency-related projects, attracting global players due to its favorable regulatory environment.
Coinhako
https://www.coinhako.com/
14 Robinson Road, Singapore 048545
Fintech Niche:
Blockchain and Cryptocurrency
Description:
Coinhako, a leading cryptocurrency exchange platform. Coinhako allows users to buy, sell, and store various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The company has gained a reputation for its user-friendly interface and strong security measures, making it a popular choice among cryptocurrency enthusiasts in the region.
OTDocs Pte Ltd
https://otdocs.com/
77 Robinson Road, Singapore 068896
Fintech Niche:
Blockchain and Cryptocurrency
Description:
OTDocs is a Singapore-based application that was founded in 2023 by a group of IT and intelligence professionals. It is the first to use highly secure custom blockchain technology to identify, store, and verify entities, documents, and transactions.
Singapore Fintech Festival
The Singapore Fintech Festival is an annual event that brings together industry leaders, innovators, and enthusiasts worldwide to discuss and explore the latest trends and developments in the financial technology sector. This year, the festival promises to be bigger and better than ever before.
The festival serves as a networking, collaboration, and knowledge-sharing platform, allowing participants to gain insights into the rapidly evolving fintech landscape. With a diverse range of speakers, panel discussions, and workshops, attendees are exposed to cutting-edge ideas and technologies shaping the future of finance.
Global Fintech Hackcelerator
One of the highlights of the Singapore Fintech Festival is the Global Fintech Hackcelerator. This competition aims to identify innovative solutions for real-world challenges the financial industry faces.
Contestants can pitch their ideas to a panel of experts, with a chance to win funding and support to bring their concepts to life. In addition to the Hackcelerator, the festival also features an exhibition for fintech companies to showcase their products and services. This provides a unique opportunity for startups and established players to connect with potential clients and investors, fostering collaboration and growth within the industry.
Industry-Specific Conferences
Furthermore, the Singapore Fintech Festival hosts a series of industry-specific conferences covering topics such as banking, insurance, payments, and regulatory technology. These conferences offer deep dives into the challenges and opportunities within each sector, allowing participants to gain valuable insights and make informed decisions for their businesses. With its vibrant ecosystem, supportive government policies, and advanced infrastructure, Singapore has become a global hub for fintech innovation.
The Singapore Fintech Festival is a testament to the city-state's commitment to fostering growth and development in the financial technology sector. It is a must-attend event for anyone interested in the future of finance. Whether you are an entrepreneur, investor, or simply curious about the latest fintech trends, this festival offers a unique opportunity to connect, learn, and be inspired.
How Can InnReg Help?
At InnReg, our team of experts specializes in regulatory compliance, risk management, outsourced operations, and technology for fintech startups. We understand the rapidly changing fintech industry and the significance of compliance, which is why we offer personalized solutions to help our clients navigate regulations and focus on their main business objectives.
Our range of services includes compliance consulting and outsourced compliance, allowing our clients to benefit from our knowledge and resources without the need to build an in-house team, which is particularly important during the early growth stages.
We believe that compliance presents an opportunity for innovation, and we actively collaborate with our clients to develop strategies that meet regulatory requirements while supporting their growth ambitions.
Our team is dedicated to providing tailored solutions that streamline compliance operations, increase profitability, and minimize costs and risks for your fintech venture.
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