Fintech—Singapore—Q&A guide
Fintech—Singapore—Q&A guide

The following TMT practice note provides comprehensive and up to date legal information covering:

  • Fintech—Singapore—Q&A guide
  • 1. What is the general state of fintech innovation in your jurisdiction?
  • 2. Do government bodies or regulators provide any support specific to financial innovation? If so, what are the key benefits of such support?
  • 3. Which bodies regulate the provision of fintech products and services?
  • 4. Which activities trigger a licensing requirement in your jurisdiction?
  • 5. Is consumer lending regulated in your jurisdiction?
  • 6. Are there restrictions on trading loans in the secondary market in your jurisdiction?
  • 7. Describe the regulatory regime for collective investment schemes and whether fintech companies providing alternative finance products or services would fall within its scope.
  • 8. Are managers of alternative investment funds regulated?
  • 9. Describe any specific regulation of peer-to-peer or marketplace lending in your jurisdiction.
  • More...

Fintech—Singapore—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to fintech in Singapore published as part of the Lexology Getting the Deal Through series by Law Business Research (published: May 2020).

Authors: Simmons & Simmons LLP—Benedict Tan; Grace Chong; Jason Valoti; Marcus Teo; Aik Kai Ng; Zixiang Sun; Calvin Tan; Low Si Rong; Seah Ern Xu

1. What is the general state of fintech innovation in your jurisdiction?

Singapore provides a conducive fintech ecosystem with supporting regulations, customer demand, strong investments and the potential for high returns. The government considers a vibrant fintech sub-sector key to Singapore’s vision for a Smart Financial Center – a subset of the Smart Nation initiative.

According to a study by Accenture, fintech investments in Singapore more than doubled to hit US$861 million in 2019 from US$365 million in 2018, placing it among the top five fintech markets by funds raised in the Asia-Pacific in 2019. About 40 per cent of the total funds raised in Singapore in 2019 went to payments start-ups, while insurtechs took 25 per cent and those in lending took 13 per cent.

Based on the Innovation page of the Monetary Authority of Singapore (MAS), there are currently more than 1,100 fintech start-ups operating in Singapore, and there are more than 50 innovation labs in Singapore. The Singapore FinTech Association, the industry association, has enabled the development of the ecosystem

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