Taking fintech full throttle into the deployment phase

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.