For a few years now, Singapore is one of the most renowned financial centers in the world and now that industry is successfully completed by the latest technological developments which have created the base of for fintech companies. The most recent survey carried out by a private bank in Singapore indicates the city-state is home to 2 in 5 financial technology companies in the ASEAN (Association of Southeast Asian Nations) community. If you need information on the legislation applicable in the financial sector, our lawyers in Singapore can explain it.
Singapore is home to many innovative companies which offer financing solutions to small and medium-sized enterprises (SMEs) which do not fulfill the requirements to access traditional loans. This is how 39% of the fintech companies offering financial support to local businesses have come to be registered in Singapore.
According to the report issued by UOB, Singapore has one of the most advanced infrastructures and legislations related to the financial sector which have put the city-state on the same level with other large financial centers in the world, such as London and New York. Singapore is also part of ASEAN and has a large number of banks operating here which have created a suitable environment for fintech companies which can service SMEs in the whole ASEAN region.
Our law firm in Singapore can assist investors who want to start fintech companies in the Lion City.
In the conditions in which the total number of this type of businesses in the ASEAN region is 367 at the moment. This will help Singapore develop a large network of digital payment solutions which is expected to reach a total value of 21 billion USD by 2021.
The development of the digital payments network will also be supported by the fast internet connection and the infrastructure offered by fintech companies accepting digital payments already. From this point of view, Singapore occupied the first place in the Network Readiness Report among ASEAN states.
For full information or assistance in starting a business in the financial sector, please contact our Singapore lawyers.
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