Despite global turbulences caused by COVID-19, the Singapore fintech industry remained resilient in 2020 on the back of new favorable rules, fintech initiatives from the government, and increased demand for digital solutions.
Over the past five years, the Singapore fintech ecosystem has grown rapidly, with exponential growth in the number of fintechs and people employed by them. According to new report by Oliver Wyman and Singapore Fintech Association (SFA), Singapore is now home to more than 1,000 fintech companies employing over 10,000 individuals.
Growth of number of fintechs and employees in 5 years, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020
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Majority of ASEAN Region Fintech Firms are Planning to Raise Additional Funds while Expanding Operations in 2021: Report
December 14, 2020 @ 9:23 pm By Omar Faridi
Four in five or 80% of Fintech companies in the ASEAN region are focused on expanding their operations following the COVID-19 outbreak. ASEAN member countries include Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
A report from UOB, PwC and the Singapore Fintech Association reveals that the ASEAN region is now home to around 40 million new Internet users this year alone. Approximately 70% of the ASEAN population is currently using the Internet and digital technology adoption will only increase in the coming decade.
Singapore based Financial Technology Firms Secured the Most Funding Compared to All Other ASEAN Region Fintechs: Report
December 10, 2020 @ 10:57 pm By Omar Faridi
Singapore has managed to attract the highest total funding amount (at 42%) in the ASEAN region – which includes other major Southeast Asian economies such as Indonesia, Malaysia, Thailand, Vietnam, the Philippines, among others.
Overall investor interest in Singapore’s Fintech companies continues to remain quite strong. The city-state has attracted substantial financial technology investments according to the
Fintech in ASEAN: Get up, Reset, Go! Report by UOB, Big Four auditing firm PwC Singapore, and the Singapore Fintech Association (SFA).
FinTech firms in ASEAN set on expanding despite the COVID-19 pandemic | Investment & Finance saigondautu.com.vn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saigondautu.com.vn Daily Mail and Mail on Sunday newspapers.
How New P2P Regulations Make the Industry Safer for Investors in Southeast Asia
December 10, 2020 @ 1:50 pm By Milena Naitoh
Digital lending platforms have made strong inroads in Southeast Asia over the past few years. In 2016 alone, peer-to-peer (P2P) business lending generated US$115.01 million more than half of Southeast Asia’s total alternative financing market that year.
This growth can be attributed to a combination of two factors:
A high mobile penetration rate of 133%, with some people having two phones (or SIM cards) or more
A massive funding gap, where micro, small, and medium-sized enterprises (MSMEs) have unmet financing needs amounting to US$300 billion, despite the fact that small businesses account for 40% of Southeast Asia’s gross domestic product (GDP) and 70% of the region’s workforce, according to a Deloitte report