Types of Fintech Activities in Singapore
Types of Fintech Activities in SingaporeUpdated on Monday 08th January 2018
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Opening a fintech business offers many opportunities to foreign enterprisers who want to set up companies in the financial field in Singapore. The Monetary Authority of Singapore (MAS) supports the development of the fintech sector through various regulations, however the government has also created various programs through which Singapore companies benefit from various assistance schemes for their activities. With respect to activities, those in the financial technology sector in Singapore are numerous.
Below, our lawyers in Singapore explain the main activities which can be carried out in the fintech sector in the city-state.
Fintech activities related to the banking industry in Singapore
The banking sector is currently one of the largest users of financial technology in Singapore, as banks and insurance companies use innovation in delivering their services to clients. The fintech activities which can be completed in Singapore by financial institutions are usually related to:
- - lending solutions;
- - robo-advisory services;
- - blockchain and cryptocurrency creation;
- - innovative banking solutions.
Out of these, blockchain technology and the creation of cryptocurrencies stands out the most, as the number of Singapore companies undertaking this type of activities is very large at the moment.
Our law firm in Singapore can assist foreign entrepreneurs who want to set up a business in the fintech sector.
Online fintech activities in Singapore
Singapore is known for having one of the best internet infrastructures in the world which is why many of the fintech activities carried out by companies here are completed online. For example, online businesses use fintech technology to offer their services and sell their products.
Among the online fintech solutions employed by companies in Singapore are:
- - online transactions through merchant accounts;
- - online funding platforms, such as crowdfunding;
- - online investment platforms.
Foreign investors who want to create fintech companies in Singapore must obtain certain licenses with the MAS if they want will operate in the banking or insurance sectors.
For assistance in registering your fintech company, please feel free to contact our law firm in Singapore.