Singapore as a home base of ASEAN fintechs
According to the statistics, two in five ASEAN fintech startup have chosen Singapore as their home base. Singapore is a competitive country in the sector of fintech startups. One of the main reasons for that is the fact that Singapore has a developed and well-organized infrastructure and financial system and the applied regulatory policies are friendly and supportive of the ASEAN fintech startups.
Fintech startups exploit the fact that banks in Singapore do not satisfactorily offer credit services to micro, small and medium-sized enterprises and presents low levels of credit availability in MSMEs.
Exploiting that gap, fintech startups are being expanded more and the value of digital payments and transactions are expected to hit UDS21b the next five years.
In conclusion, Singapore is placed in the top of Network Readiness Index, compared with other countries which ranked much lower.