According to several reports, financial technology is one of the most prolific industries in Singapore at this moment. It is also one of the newest and best performing economies sectors in the city-state. Shortly known as fintech, this branch of the financial sector is characterized by the use of the state-of-art technology when offering financial services. Also, a large number of IT companies in Singapore produce software used by banks and other financial institutions in this country.
Foreign investors who want to set up a fintech company in the Lion City are invited to get in touch with our lawyers in Singapore for information on the legislation governing this industry.
You can watch the video below if you are interested in opening a fintech business in Singapore:
The company registration procedure of a financial technology company is based on the requirements imposed by the Companies Law and, in certain cases, by the Monetary Authority. Also, Singapore fintech businesses will also be required to comply with the Internet-related laws.
In order to open a fintech company in Singapore, foreign investors must appoint a local agent who will prepare the documents of incorporation and file them with the Trade Register. Our law firm in Singapore can also handle the company formation process on behalf of foreign clients.
The answer is yes and no. If the Singapore fintech company offers banking or insurance services, yes, it will need to obtain the necessary licenses issued by the Monetary Authority of Singapore (MAS). However, if the fintech business will only create financial programs or software, it will not need any special license from the MAS.
The MAS has also enabled various programs through which investors who want open a fintech company in Singapore may enroll in certain programs or can apply for various grants. One of these programs is the FinTech Regulatory Sandbox which encourages financial companies to develop modern programs related to their services. Another program is the Financial Sector Technology and Innovation Scheme.
For information on how to create a fintech company in Singapore, please contact us. You can also rely on our attorneys in Singapore for assistance in registering a fintech business.
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