Fintech's aim is to cut costs, lift customer convenience

Singapore

THE end-game of embracing financial technology (fintech) is to make finance cheaper and more convenient for customers, and Singapore will look at its use in every segment of the finance business, Deputy Prime Minister Tharman Shanmugaratnam has has said while on a visit to New York City.

Speaking at the launch of the Singapore FinTech festival there, Mr Tharman, who is also coordinating minister for economic and social policies, downplayed the importance of fintech rankings among financial centres; while these rankings are a competitive pursuit, the success of fintech development depends on tie-ups between players and cities, he said.