Organisation:
PwC, Singapore FinTech Association (SFA), Singapore Economic Development Board (EDB)
Resource Link:
Published in 2023, Link
My Key Takeaways
Let’s do a pulse check of Singapore’s (SG) fintech ecosystem in 2023!
Here’s my takeaways from a report by PwC, Singapore FinTech Association (SFA) & Singapore Economic Development Board (EDB).
Despite the global tech winter, Southeast Asia’s (SEA) Fintech investments reached US$4.3B in the first 9 months of 2022. That’s more than 2018-2020 combined! (Pg 6)
Green Finance in SG (Pg 11)
1) Public sector’s green bond issuance: S$35 billion by 2030 (Pg12)
2) S$180M Enterprise Sustainability programme to boost ESG-centric companies
3) Sustainable Bond Grant Scheme covers pre- and post-issuance costs of engaging independent sustainability assessment & advisory service providers for external analysis.
4) Greenprint ESG Registry & ESGenome: Digital platforms for easier sharing of trusted, traceable sustainability data.
5) Monetary Authority of Singapore (MAS)’s Project Greenprint & ESG Impact Hub initiatives to enable green finance systems and catalyse public-private partnership
Cybersecurity x Fintech in SG (Pg 13, 14)
1) Top 2023 threat for resilience scenario planning? Catastrophic cyber-attacks.
2) Digital Trust Centre (DTC): launched by the Infocomm Media Development Authority (IMDA), DTC focuses on fostering R&D in trust technologies, supporting talent development in the sector, and providing a sandbox environment for testing and innovating in trust technologies.
3) AI Verify: World’s first AI governance testing framework – it aims to harness the collective power and contributions of the global open source community to develop AI testing tools for the responsible use of AI.
SG Fintech Manpower Initiatives (Pg 18)
1) Tech Skills Accelerator (TeSA) – tech training programmes in collaborations with industry
2) Tech@SG: Easier access for fintechs to critical global tech talent
3) ONE Pass: A 5-year work visa for top global talent and their families
Progressive SG Regulations for FinTechs to take note of (Pg 21)
1) Cybersecurity Act: strong emphasis on public-private partnership)
2) Personal Data Protection Act (PDPA): the act provides a baseline standard of protection for personal data in Singapore. It comprises various requirements governing the collection, use, disclosure and care of personal data in Singapore.
3) Payment Services Act: level playing field for all payment service providers
4) Project Ubin – using blockchain for efficient cross-border payments (Pg 17)
SG Funding for Fintech 💰
1) S$250M committed in the Financial Sector Technology and Innovation scheme
2) “Startup SG” programme: S$150M to mentor aspiring entrepreneurs
3) EDBI Pte Ltd’s S$500M Growth IPO fund: EDB’s VC arm is also financing growth-stage companies for IPOs in SG
Organisations supporting the digital economy in SG
1) Government agencies: Infocomm and Media Development Authority, Monetary Authority of Singapore, Singapore Economic Development Board, Enterprise Singapore (Pg 23)
2) AI Singapore (Pg 10): Grants for AI research & 100 Experiments (100E) programme
3) MAS’ APIX: Connects financial institutions with tech players to experiment with digital solutions
Networks to help FinTechs expand globally from SG (Pg 26)
1) Global Financial Innovation Network (GFIN): test/scale innovations through SG’s fintech collaboration agreements across 29 partner jurisdictions
2) MAS-UNCDF partnerships: promotes financial inclusion across ASEAN
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Like many fast growing regions, there’s often no single prescriptive standard/regulations for fintechs across APAC.
Hope the above global networks and initiatives can provide your fintech with a secure and supportive base to turbocharge your growth across Asia, from Singapore! 🇸🇬🚀
Follow me for the latest insights on Southeast Asia. My LinkedIn post here.
About Zhilin SIM
Having worked and lived in Singapore, the Nordics, China, Spain, UK, I’m now based in Paris.
I’m passionate about horticulture, watercolour, startups/tech as well as French cuisine, Peranakan kueh techniques and other global cuisines.
I’m fluent in English, French and Mandarin, and I’m learning Arabic because it’s a beautiful and fascinating language.
My team creates and supports one-many initiatives connecting global corporate and startup ecosystems to business and innovation opportunities in Singapore and Southeast Asia.
Follow me on LinkedIn for the latest insights and reach out if you think my network in Europe and Asia could be of benefit to your business and innovation activities.
