Singapore has the chops to be global fintech leader

WITH the government's big push to develop the fintech sector, Singapore has recently been making headlines as one of the leading fintech hubs in Asia and in the world.

The many initiatives launched by the Monetary of Singapore (MAS) this year - the regulatory sandbox, the Looking Glass innovation lab and the inaugural FinTech Festival - clearly signal Singapore's ambitions to become a leader and global powerhouse in this space. While the race is by no means over yet, it would appear that we are on track to achieving the top spot. In a recent report on global fintech hubs by Deloitte, Singapore was recognised as "a leading international financial centre and a serious contender for the global number one spot in fintech."

In many ways, Singapore is uniquely positioned for this destiny, one could say. Our international status, conducive business environment, position as the gateway to Asean and the Asia-Pacific region, access to China, rigorous corporate governance standards and well-governed legislation give our little red dot several competitive advantages over larger markets.