"Singapore’s FinTech journey is about innovation, inclusion and inspiration. Everything we do in FinTech must always have a larger purpose – to improve the lives of individuals, to build a more dynamic economy, to promote a more inclusive society.” said Ravi Menon, Managing Director, MAS at Singapore FinTech Festival 2018.
Money has been part of human history for the last 3,000 years and comes in many different forms. Whether in the shape of a metal coin, a piece of paper with a historical figure on it, or a number on a computer, one thing is for certain – money is constantly evolving. The potential for innovation in finance is substantial, evidenced by the more than 490 FinTech startups now calling Singapore their home, it's clear that emerging businesses are aware of the opportunities presented by the country and want to capitalise on the benefits they have to offer.
Given the significant number of start-ups involved in the FinTech sector, it is not surprising to discover substantial growth is occurring – Financial technology companies in Singapore raised a record $1 billion SGD in the first nine months of 2019, even though fewer investment deals were made, a report by global consultancy Accenture said. Traditional banks, insurers ad other large financial institutions are increasing their investments in FinTech as well. Some integrate FinTech into their existing product and service offerings, while others invest in FinTech start-ups or set up their own incubators.
Employment in the sector will continue to grow as high usage of mobile devices and technology-based solutions will push the demand for financial and banking solutions, which can be accessed through personal devices. This is the key growth driver for the global financial technology market, making it worth approximately $417.1 billion SGD by 2023, at a CAGR of 22.17% during 2018-2023.