Singapore: number of operating fintech firms 2022

As of September 2022, there were 1,580 operating fintech firms in Singapore. The number of fintech firms in Singapore remains the highest among Southeast Asian countries over the entire period.

Types of fintech companies

  Being among the leading financial centers globally, Singapore has a favorable environment for the development of fintech. With attractive taxation rules and advanced digitalization, the country attracts many companies in the field. In 2022, Singapore led fintech funding values in Southeast Asia, with cryptocurrency having the highest number of deals and digital payments the highest funding value among the fintech segments. This was reflected in the distribution of fintech companies, with blockchain and cryptocurrency dominating the sector, followed by payments. Nevertheless, the scope of fintech companies also includes investments and wealthtech, regulatory technology, and insurtech companies.

A growing fintech hub

  Singapore has implemented a national strategy for the growth of the fintech sector, introducing policies and incentive programs such as the Regulatory Technology Grant (RegTech) program and the Digital Acceleration Grant (DAG) program to speed up technology adoption in the financial sector. The ambition to become a global fintech hub is accompanied by regulations that structure the development of the field. The regulatory framework established by the Monetary Authority of Singapore (MAS) provides security for users. However, it has led some international companies such as Binance to withdraw their application for a local license to provide cryptocurrency services. Binance was unable to comply with the high regulatory requirements, despite being among the leading cryptocurrency storage apps in terms of daily active users until 2021.