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Singapore's FinTech Industry Is on the Way to Global Leadership

Singapore has established an enviable position as a leading Asian financial technology center with an exciting innovation ecosystem, a great talent pool and fantastic infrastructure. It also boasts a business-friendly environment so it was therefore an obvious winner when considering locations for new headquarters for our global operations, said, Yoshio Tomiie, Head of Commerce at Senjō Group, a privately held investment firm, at the unveiling of the company’s new global HQ in Singapore.

Indeed, Singapore is one of the gems of the global financial services industry ecosystem with ~200 banks with total assets of $2 trillion having operational headquarters in Singapore. Global financial institutions like Mastercard, UBS, DBS Bank, OCBC, Wells Fargo and Citigroup are launching (or have already launched) their innovation labs and accelerators in Singapore along with significant investments in the ecosystem. Global financial services companies have their Asian satellites operating from Singapore including AmEx, Citibank, JPMorgan Chase, HSBC and numerous other international financial organizations.

Singapore has one of the most forward-thinking governing authorities in the financial services industry internationally. To support the development of a vibrant FinTech ecosystem, MAS has taken steps to ensure Singapore’s leading position as a leading global FinTech hub: those include committing S$225 million under the Financial Sector Technology & Innovation (FSTI) scheme, the launch of the FinTech and Innovation Group (FTIG) and the FinTech Office, creation of a FinTech regulatory sandbox, a move towards an open-API architecture, the Singapore Payment Roadmap and the opening of the MAS’s FinTech innovation lab – the Looking Glass @ MAS, amongst other first of their kind initiatives.

Collective efforts of the vibrant FinTech ecosystem in Singapore, financial watchdogs, VCs and other stakeholders, ensured the leading position of Asian financial center:

Payments

Mobile Credit Payment (MC Payment) is a technology platform that provides transaction solutions for online payment, mobile payment, in-store payment, digital payment, etc. Mobile Credit Payment partners Acquiring Banks, Payment Service Providers/ISO to offer merchants a secure PCI Compliant, international payment processing platform enhanced with innovative technology. It provides customers with global transaction currencies and regional card settlement currencies, a high-end reporting interface and risk management solution.

PaySec is a Payment Solution Provider (PSP) providing debit card payment processing for merchants. The company provides payment gateways enabling merchants to accept debit card payments in the Asian markets. PaySec processes payments from China, Thailand and Indonesia and plans to expand into Vietnam and throughout Asia.

Yololite, the mobile app and prepaid card from YoloPay, allows the user to manage and share family spend from his/her phone. The wallet/card can be reloaded via the app using Mastercard or VISA.

Fibonacci Global Payment Services concentrates on developing unique financial services solutions for corporates, institutions and individuals with the goal of streamlining the process and saving money. Fibonacci offers two solutions for corporate clients.

GoSwiff is the leading provider of mobile payment platforms and marketing solutions. The company offers an integrated mobile commerce platform for mobile and in-store payment acceptance and integrated value-added services supporting the growing demand and engagement in all markets.

Cardable helps its users get better deals from their credit/membership/loyalty cards by consolidating and displaying the promotions relevant to them.

Numoni develops and sells cash-transaction terminals that facilitate e-transactions to the underbanked community. The company offers front-end devices, such as self-service kiosks and mobile/smartphone applications for dealers on the move; and back-end systems, which include a web-based support application to the core system for dealers to view their profiles.

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