No matter the industry, technology is changing and even revolutionising how businesses work. We spoke with Singapore-based Shinjika Shukla, Associate Director, Michael Page Technology, a leading recruitment service, to understand how technology has influenced the finance industry, leading to the creation of fintech as a thriving new sector.

What is Fintech?

Fintech is primarily about using technology innovatively to improve and automate the delivery of financial services, making processes for companies, business owners and consumers easier and less cumbersome. For example, instead of going to a bank to apply for a bank loan, you apply for it online. Human intervention is thus limited and transactions are done via your technology and mobile devices. It is used to provide, enable and enhance financial services such as payment, wealth management, money transfer, moneylending and so on. Popular fintech apps in Singapore include PayNow, GrabPay, PayLah and PayPal.

What has fuelled the rise of fintech in Singapore?

There are three main reasons why the fintech industry in Singapore is seeing high growth:

1. The financial industry itself is going through a transformation, for example, in the form of cost-cutting, digitization and efficiency
2. As one of the world’s leading financial hubs, Singapore has a robust technology infrastructure (e.g. high-speed fiber network) while our mobile subscription penetration is very high — key factors for Fintech growth. In addition, with mobile and digital payments so vital to the industry, Singapore being home to many such start-ups in these areas, such as GoSwift and Kashmi, will help drive this space even further. 
3. Many Fintech firms seek to set up and operate in Singapore, for access to its well-educated workforce and to locations in Asia such as China and India, as well as emerging markets like Vietnam and the Philippines — all markets that are predicted to do well in the Fintech space

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