SINGAPORE : Singapore has the most developed financial technology ecosystem in Southeast Asia, according to a report by Fitch Solutions.
“We believe that the Singapore government will ensure that the regulatory environment remains conducive to the development of fintech systems and to maintain the vibrancy of its fintech sector, which attracted over $500 million in investments in 2018,” says Fitch. “Traditional banks are unlikely to see any noticeable erosion in their business, as the MAS has suggested that it is unlikely to approve the business models that are ‘value-destructive’, and stated that the digital banks must instead be focused on meeting underserved financial needs using technology,” says Fitch.
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