Five ways that S'pore fintech startups can scale faster

TECHNOLOGY is rewiring the financial industry and increasingly altering the way that we transact in our daily lives. From paying for a Grab ride with GrabPay to using Apple Pay to purchase items with the tap of a thumb, cashless has become the currency of progress.

But Singapore's rise to become a global fintech hub is not just a byproduct of the island's well-established financial services sector. This progress has been propelled by government efforts to create an environment in which financial technology (fintech) startups can flourish - be that the recently published Payments Roadmap, the regulatory sandbox to support fledgling fintech ventures, or the Looking Glass @ MAS - an innovation lab designed to foster collaboration between fintech startups and the institutions that have historically defined the financial industry.

However, fostering a supportive regulatory environment is only part of the picture. By working with fintech startups around the world - from Monzo to Xero - we have identified a number of tried and tested principles that Singaporean startups can follow to scale faster: