Singapore can become the Suez Canal of money movement

SINGAPORE is a global financial centre, a magnet for fintech companies, and a key financial gateway to the Asia-Pacific (APAC) region. It is also an important conduit for the movement of money between the East and the West, given its strategic geographical location and global connectivity.

These seemingly independent benefits are now converging, thanks to the effects of the global pandemic. The acceleration of e-commerce, for example, has driven up demand for more cross-border digital payments. The rise of embedded finance too, is pitting the traditional financial services sector against some serious competition. From lifestyle services platforms to superapp operators, facilitating frictionless money movement between APAC and the world is more than an option; it is their customer experience differentiator.

With all that Singapore offers, there is immense opportunity to become a thriving payments hub – much like a Suez Canal of money movement. So, how can the country leverage the fintech innovations to create a secure yet inclusive digital payments highway?