Singapore has what it takes to be a fintech hub
SINGAPORE has long been modelled after Switzerland - a business-friendly, efficient and stable finance hub of Asia. Supported by smart and robust infrastructure, progressive and transparent regulations as well as a productive, English- speaking workforce, the republic has more than pulled its weight in the global finance arena.
Some might suggest that Singapore has been a victim of its own success. Despite efforts to capitalise on regional and Chinese firms looking to establish an international presence, the capital markets and listings landscape has been soft.
Beneath the surface, higher costs of living and tighter manpower controls make hiring talent, particularly specialist technology talent, more challenging. At the same time, advances of digital technology have the potential to bring about a renaissance of trading and investment activity. Digitisation has significantly reduced the cost of trading, access to information has become affordable and the Internet has erased global boundaries. Yet Singapore's capital markets volumes lag far behind its local neighbours as well as Hong Kong and Japan.
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