“Singapore is like Switzerland of Asia – you have a lot of money here, and people are well experienced in the money management/banking industry. So for startups to come here and start innovating, coming up with new ideas – it’s a perfect place,” said Keir Veskiväli, Founder of Smartly.
“Singapore’s ecosystem is really supportive. Eight months ago, when I moved to Singapore, there was not that much talk about FinTechs or the old startup ecosystem. But within eight months, we saw a lot of development by MAS. The whole government is very supportive of the startup ecosystem. I would say that Singapore is really an ideal place for startups to come and start developing their FinTech companies,” he added.
Indeed, Singapore is known to be one of the gems of the global financial system and is a well-known FinTech hub with supportive regulatory environment and forward-thinking financial watchdog. FinTech entrepreneurs speak supportively of the opportunities that Singapore offers to foreign and domestic entrepreneurs, emphasizing the conducive role of the government in fostering innovation.