The financial technology (fintech) sector in Singapore has enjoyed strong support and growth in the last five years. The country’s central bank, the Monetary Authority of Singapore (MAS), has announced robust incentives for fintech companies which include investments of up to S$225 mil (US$158 mil) by end-2020 as well as establishing a 100,000 square feet fintech innovation hub – equivalent to two football fields – that fintech companies can use for office space, experimentation and collaboration purposes.

Fintech also receives a warm reception from Singapore’s established financial sector that serves as a hub for the Southeast Asia’s economic growth.

Banks and financial service providers in Singapore view fintech companies as supportive enablers instead of disruptive competitors. From their point of view, fintech companies help increase the efficiency and accountability of core financial service offerings.

Further support for fintech companies is underway with the Singapore Institute of Accredited Tax Professionals proposing a 10% tax incentive for fintech companies tabled at the 2018 Budget. Upon acceptance of the pitch, fintech companies will enjoy concessionary tax rates on top of current support incentives offered by MAS.

It is no surprise then that many fintech companies flock to Singapore to open or expand their business operations. Over the past few years, more than 30 multinational fintech innovation labs and research centres have been established in Singapore, while over 400 new fintech startups have set up shop in the country.

Read more at Guide Me Singapore here.

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