Fintech will be part of Singapore's next wave of growth

IF THERE has been a recurrent theme in recent months, it's been that innovation plays a critical role in the restructuring of Singapore's economy and ensuring that as a nation, we continue to remain competitive. With the shifting tides of geopolitics that has brought China's dominance to the forefront, a small nation like ours must innovate to continue to play on the world's stage, or risk oblivion in a changing world.

Cornerstone of the future economy

Given Singapore's status as a global financial hub, innovations in the financial sector will play a key, and probably one of the most visible roles in driving Singapore's future economy.

In the last two years, financial technology, or fintech has become a buzz word, with some questioning if it is all hype, or for real. If there is one thing that Singapore does better than anyone else, it is the ability to identify growth sectors before they blossom and apply its strategies. The shift from labour-intensive to high-tech industries such as electronics and IT in the 1980s led to South-east Asia's first silicon wafer manufacturing plant being built in Singapore. Then in the 1990s, research and development resources started to gravitate towards biomedical sciences and medical technology. While these various sectors remain integral to Singapore's growth and its push for a Smart Nation, fintech will become - if it i…