SINGAPORE'S financial services ecosystem has kept pace with global changes, allowing the country to compete against other financial centres. The advent of new technologies - artificial intelligence (AI), blockchain and digital payments among others - has also dramatically transformed the financial services landscape, a key element of a smart nation.

The S$225 million Financial Sector Technology and Innovation (FSTI) scheme was announced on June 29, 2015 to fund the setting up of innovation labs and experimentation through proof-of-concept projects, as well as to incubate new industry initiatives in digital payments and blockchain use cases.

The scheme saw a proliferation of ideas in 2016 and 2017, and propelled the setting up of fintech companies and a vibrant fintech community here.