December 24, 2015
Singapore is one of the gateways of the Asian financial market with a rich FinTech ecosystem. Global financial services companies have their Asian satellites operating from Singapore. AmEx, Citibank, JP Morgan Chase, HSBC and numerous other international financial organizations operate in Singapore. For a better understanding of Singaporean FinTech industry, we have looked at some examples of FinTech startups, investors, accelerators and conferences taking place in Singapore.
Compared by the index for financial center rating, in which a multitude of factors are integrated, Singapore and Hong Kong represent the most attractive spots in the region to enter the financial industry. Important areas of competitiveness are, among others, business environment, human capital, taxation and infrastructure. As demonstrated by the chart, Singapore and Hong Kong are the leading financial centers in Asia-Pacific region.
Data source: Statista.com
Speaking of the financial industry, there are around 200 banks with total assets of $2 trillion with operational headquarters in Singapore. IT procurement budgets of those banks reached $485 billion last year, according to the Asian business magazine Nikkei Asian Review. With global trends towards tight collaboration among traditional financial institutions and FinTech startups, Singaporean financial services providers also made a step forward nurturing incubation and FinTech ecosystem development. Global banking giants are building an innovation conveyor to ensure a leading position as a global financial market. Some of the examples are UBS, DBS Bank and Citigroup, which launched their innovation labs in Singapore.
Earlier this year, UBS set up a technology innovation lab in Singapore to meet the changing demands of wealth management clients and leverage on the multibillion potential future of virtual advising. Called EVOLVE – UBS Centre for Design Thinking and Innovation in Singapore, the lab is the first of its kind for UBS in APAC. The center will be focused on creating new innovative and user-centric products. It is the latest step in UBS’s digital journey after establishing innovation ...