To help the fintech sector stay afloat during the pandemic, the Monetary Authority of Singapore (MAS) launched two major support packages for fintechs. Business and Tech talent pool: Singapore has a deep existing talent pool as a result of the initiatives implemented over the past five years to incorporate interdisciplinary skillsets into the curricula for higher education and provide upskill training courses for the existing workforce. Organized by the Monetary Authority of Singapore (MAS), Singapore Fintech Festival 2019 saw more than 60,000 participants from 140 countries As of February 2020, MAS has signed 33 FinTech Co-operation … by Fintechnews Singapore December 11, 2020 The Monetary Authority of Singapore (MAS) has announced the results of the MAS Global FinTech Innovation Challenge 2020. Terms & Conditions. Welcome to SFF 2020 Welcome to this unique and hybrid edition of the Singapore FinTech Festival. Please continue to monitor the Responding To Coronavirus Hub for updates. Live 24 hours a day for 5 days and in 40+ FinTech hubs around the world. Regional access to customers and partners: Singapore is well-positioned to be a regional FinTech hub, as it provides access to a wide pool of customers in Southeast Asia and an extensive network of partners that have their regional headquarters in Singapore. Like other parts of the world, fintech funding in Asia took a hit amid the global pandemic. Leveraging SGFinDex, Singaporeans can consolidate all of their finances through financial planning services offered by financial institutions as well as through MyMoneySense, a free financial planning digital service offered by the Singapore government. Moreover, the concentration of FinTechs in Singapore and their diversity in terms of their business models demonstrate that Singapore is an attractive FinTech centre. The 2020 edition of our State Of The Financial Services Industry report explores how pressure is building on firms to deliver on investment programs and how we believe winning firms will manage the collision between vision and value. Though fintech funding activity remains largely dominated by early-stage rounds, especially when compared to more developed fintech markets like the US and China, later-stage funding is appearing as the market continues to mature. This allows for a more holistic view and understanding of one’s finances, MAS said. In July, MAS proposed new regulation that would expand its supervisory powers in a range of areas including additional powers to take enforcement action against individuals, to apply new licensing requirements to certain types of virtual asset service providers, and to impose technology risk management requirements. Singapore Fintech Report 2021: Blockchain Dominates Singapore’s Fintech Scene. The growth trajectory of Singapore’s FinTech industry has been impressive to date. MatchMove Pay. We are one of the FORTUNE 100 best companies in the world to work for, Download Oliver Wyman Ideas App Our latest insights on your mobile device, Singapore FinTech Landscape 2020 And Beyond, Partner and Head of Corporate Finance & Advisory, Asia-Pacific, SFA and Oliver Wyman launch report titled, ‘Singapore FinTech Landscape 2020 and Beyond’, Singapore Fintech Investments Rebounded To $371 Million In Q2. To support this growth, Singapore should continue to attract global investors to the region. The job market is however recovering steadily as local FinTech investments rebounded in the second quarter of 2020 from US$68Mil to US$278Mil, creating more employment opportunities. Singapore FinTech Landscape 2020 And Beyond. A growing number of global reports and rankings pinpoint Singapore as a region to watch for both current and future potential. Hock Lai Chia, Founding President, Singapore FinTech Association Janet Young, Managing Director, Head of Group Channels and Digitalisation, United Overseas Bank Limited Jeff Cruttenden, Co … Singapore, which has held the 4 th rank in GFCI’s ranking of global financial centres, also ranked 8 th in its inaugural fintech … This year the theme was “Building Resilience, Seizing … by Fintechnews Singapore December 17, 2020 Despite global turbulences caused by COVID-19, the Singapore fintech industry remained resilient in 2020 on the back of new favorable rules, fintech … 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. WHY YOU SHOULD SPONSOR THE SINGAPORE FINTECH AWARDS 2020 Be a part of this exciting, high profile industry that is set to grow even further in the coming years. Our joint Asia Banking report with Morgan Stanley for 2020 provides an overview of the post-pandemic “new normal” for Asian banking sector and discusses how banks should rethink their digitalization journeys to recover and return to growth in the new normal. May 20, 2020 Best Fintech Courses in Singapore in 2020 As one of the largest Fintech hubs globally, Singapore continues to show great initiatives to both support players in the industry and … Comparison of FinTech investments in Asia versus Singapore, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. Embracing a Mobile Culture: How to Satisfy Customers Without Compromising Security, Financial Services Specialist - Payments, Asia Pacific, Accuity: Four Digital Payment Trends in 2021 for Banks and Payment Service Providers. 40+ Global Satellite Events. … Deal share by stage for FinTechs in 2019, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. With the recent launching announcement of the 4 digital banks in Singapore… To establish Singapore as a regional FinTech hub that stays on the path to be a global hub, we recommend the following areas of focus: A startup-focused investor ecosystem: Singapore has taken the lead in FinTech funding in Southeast Asia, and government-linked funds have played an important role in kickstarting the FinTech ecosystem, particularly in their support of earlier-stage startups. The new law consolidates existing payments regulatory frameworks and introduces new types of licensable payment services. The Digital Banking Symposium 2020, co-organised by the Singapore FinTech Association (SFA) and Banking and Financial Services Union (BFSU), aims to help attendees deep dive and explore the impact … Singapore Fintech Festival 2020: All You Need to Know by Fintechnews Singapore November 6, 2020 Singapore Fintech Festival (SFF), the largest annual fintech festival in the world, is coming back in December 2020 for the second edition of its SFF x SWITCH event in collaboration with Singapore … 60,000+ Attendees in 2019. The Monetary Authority of Singapore (MAS) launched the MAS Global FinTech Innovation Challenge which seeks to identify … The first, announced on April 8, 2020, is a S$125 million COVID-19 care package for the financial and fintech sectors aimed at helping businesses support their workers, enhance operational readiness and resilience, accelerate digitalization and boost capabilities. We detail the implications of this evolving landscape on incumbents and insurtechs. It also includes a licensing regime for digital asset exchange and platforms. The Monetary Authority of Singapore (MAS) has announced the winners of the 2020 Global Fintech Innovation Challenge. SWITCH Global Channel features carefully curated content from Enterprise Singapore's global innovation network. Progressive regulatory support: Strong government support with an established regulatory framework has led Singapore to be an attractive location for FinTechs. Coupled with progressive attitudes towards FinTechs and the introduction of new guidelines to provide clarity, regulators have helped encourage innovation in the sector. Local digital payments startup MatchMove told the Financial Times in September that the number of inquiries from companies wanting to digitalize their payment system had “shot up 10 times” from the beginning of the year and that staff couldn’t keep up. "FinTech for an Inclusive Society and a Sustainable Planet" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Singapore FinTech Festival 2020 on 8 December 2020 In his keynote speech at SFF x SWITCH 2020, Mr Ravi Menon, Managing Director, MAS, spoke on leveraging FinTech … Hear live content from over 40 FinTech … MAS-SFA-AMTD Fintech Solidarity Grant Infographic, Source: Monetary Authority of Singapore (MAS). But the funding landscape in Singapore has remained somewhat less volatile, according to the Oliver Wyman/SFA study. B2B FinTechs have become more prevalent with an increased focus on a multi-country strategy. 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. COVID-19 Fintech Care Package Infographic, Source: Monetary Authority of Singapore (MAS). SFF 2020 also saw the launch of the Singapore Financial Data Exchange (SGFinDex), the city state’s take on open banking. Singapore’s fintech industry continued its momentum in 2020 on the back of new regulations, fintech initiatives from regulators themselves and the introduction of the city state’s very first digital banks Fintech adoption is projected to increase in the near future with about 73% of Singaporean businesses expecting to use at least one fintech product or services within the next 12 months, a regional survey by professional accounting body CPA Australia found. Share; This article was first published on December 8, 2020. All four digital banks are expected to go live by early 2022, according to a Straits Times report. As for MatchMove, it permits companies to provide a completely branded secure … Singapore also recorded an all-time high FinTech investment of S$ 1 billion in 2019, and a 19% Y-o-Y increase in FinTech investments in the first half of 2020, amidst the COVID-19 pandemic. At the annual Singapore Fintech Festival (SFF), MAS stressed its commitment towards blockchain, green finance and open banking. Working with over 60 partners all over the world, SWITCH brings you deep market access … Fintech funding declined to US$68 million in Q1 2020 to but significantly rebounded in Q2 2020 to reach US$278 million. FinTech funding has risen steadily to fuel this growth, exhibiting resilience amidst the pandemic. The MAS Global FinTech Innovation Challenge comprises 2 distinct competitions; MAS Global FinTech Hackcelerator and MAS FinTech … Call for Collaboration – FinTech Awards 2020 (2021) - January 13, 2021 [Call for Collaboration] – 5 years of Singapore Fintech Journey - September 29, 2020; Agenda for the 2020 Annual General Meeting - March 18, 2020 MAS gave the greenlight to four applicants in December: the Grab-Singtel consortium, technology giant Sea, China’s Ant Group, and a consortium comprising Greenland Financial Holdings, Linklogis Hong Kong and Beijing Co-operative Equity Investment Fund Management. The two first were granted digital full banking licenses, allowing them to offer retail customer services such as account opening, deposits as well as debit and credit cards. Singapore FinTech Landscape 2020 And Beyond. Growth of number of fintechs and employees in 5 years, Singapore Fintech Landscape in 2020 and Beyond, Oliver Wyman, Singapore Fintech Association, Dec 2020. Digitalization To Redefine The New Normal. Closing Date: 10 July 2020, 2359 hrs Applications are now closed. 240+ Hours of World-Class Content. We are experiencing more change in the payments space than. © 2015 - 2021 Copyright CK Finanzpro GmbH. For Bulk Booking of 30 or more tickets, … The second initiative, called the MAS-SFA-AMTD Fintech Solidarity Grant, was launched on May 13 by MAS, SFA and AMTD Foundation (AMTD), and seeks to support Singapore-based fintech firms in managing cashflow, generate new businesses, and pursue growth strategies. At the same time, it should continue to open up the financial services infrastructure to FinTechs to level the playing field, and seek to harmonise standards across the region. Supported by Infocomm Media Development Authority (“IMDA”), Singapore’s Blockchain Landscape 2020 map includes a new industry segment, Decentralised Finance a notable area for 2020 … This … As the FinTech industry continues to evolve, key factors that have contributed to Singapore’s success to date may need to be adapted to newer trends for the country’s FinTech industry to stay relevant. Editor's note: Oliver Wyman is monitoring the COVID-19 events in real time, and we have compiled resources to help our clients and the industries they serve. All fees payable for the tickets are in Singapore Dollars and are subject to an additional 7% Goods and Services Tax (GST). There is no need to provide the name and stamp of your organisation if you're contributing … 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. Lincoln is an Asia FinTech Leader and Under 30 Fintech Leader - Singapore FinTech Awards 2019, he is also a visiting lecturer for Japan Financial Services Agency and visiting lecturer at Nanyang … The other two were awarded digital whole banking licenses, allowing them to serve corporates and small and medium-sized enterprises (SMEs). However, last year’s US$383.5 million in total deal value was just shy of 2017’s US$393.8 million. To create a sustainable talent pipeline, focusing on fostering a culture of innovation could provide benefits through specific actions, such as overseas secondment. By leveraging on cross-regional alliances, such as FinTech bridges, B2B FinTechs would also be able to achieve scale and expand to neighbouring markets with greater ease. Singapore’s fintech industry continued its momentum in 2020 on the back of new regulations, fintech initiatives from … 1. Partnerships are especially important as attitudes regarding B2C versus B2B business models in Southeast Asia have evolved with larger players dominating the B2C market. SGFinDex Infographic, Source: MAS, Dec 2020. Government-linked capital providers could also play a key role in this endeavour. SFF 2020 BY THE NUMBERS. The growth of FinTechs is expected to accelerate as a result of the digital transformation brought about by the COVID-19 pandemic, a negative social situation that has nevertheless benefitted many FinTechs in terms of adoption. All Rights reserved. In 2020, the excitement around the launch of Hong Kong's digital banks and the awarding of Singapore's digital banking licenses was palpable and dominated much of the (non-Covid) fintech … This article was first published on December 8, 2020. Singaporean fintech companies have overall benefited from the digitalization push that came with the COVID-19 pandemic. Our Expertise. Employees Of Oliver Wyman Enabling Racial & Ethnic Diversity (EMPOWERED), Students And Recent Graduates Application. Tap into SFA’s extensive global … The Singapore FinTech Festival (SFF) is the world’s largest and most inclusive FinTech event that brings together heads of state, financial and technology leaders, FinTech founders, policy makers, investors … Fintech startups in Singapore closed 48 deals in 2020, up from 42 deals in 2019. What’s Next for Hong Kong’s Open Banking and Financial Ecosystem? SDFinDex is a public digital infrastructure that uses Singapore’s National Digital Identity (SingPass) to allow citizens to obtain their financial information from different financial institutions and government agencies. A highly anticipated fintech development that took place this year was the granting of the city state’s first digital banking licenses. The 2020 Fintech Landscape in Singapore February 28, 2020 With Singapore fintechs taking 51% of ASEAN funding as of Q3 2019, it comes as no surprise that investors may be keen to learn more about the country’s fintech … Oliver Wyman Ideas offers our most recent insights on issues of importance to senior business leaders. Asia’s 5 Most Promising Fintech Companies, SAP.iO Foundry Singapore Launches Fintech and COVID-19 Recovery Acceleration Program, Blockchain & Distributed Ledger Technology in Financial Services. The Payment Services Act came into force on January 28, 2020, providing a single, activity-based and risk-specific legislation for payment-related services in Singapore. They are also allowed serve corporate customers. The regulator plans to expand the platform to insurance policies as well as the stock market in the near future. Moving forward, the government should continue its progressive attitude towards regulation and ensure regulations remain current. Download the Fintech For Good 2020 Pledge Form above, and follow the instructions to complete your donation. Breakdown of the Indonesian Fintech Ecosystem, Source- Indonesia Fintech Report 2020, Fintech News Singapore, Nov 2020 Key fintech trends These past two years have seen early signs of … However, talent remains a top priority for FinTechs and needs continued investment. Businesses cited motivations including increased efficiency, improved customer experience and ensuring business continuity. The event saw the launch of a new S$12 million blockchain research program that aims to accelerate development and adoption of the technology, as well as the introduction of Project Greenprint, a new tech platform that connects SMEs and fintech companies working on green and sustainable projects to financial institutions and investors. 800+ Global Speakers . 2. As the sector matures in the coming few years, later-stage funding will also develop. 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