Fintech market in Singapore

Industry highlights


Internet user rate in Singapore


Registered Fintech firms

5.92 million

Population of Singapore, as of June 2023


Fintech deals between January and September 2022

USD $82,808

GDP per capita, as of 2022


Portion of GDP derived from the service sector

The Singapore FinTech sector continues to evolve and grow and is a strong driver of economic growth and financial sector evolution. In late 2022, Mr. Lawrence Wong, Singapore's Deputy Prime Minister and Minister for Finance and Deputy Chairman of the Monetary Authority of Singapore (MAS) launched a refreshed Financial Services Industry Transformation Map (ITM) 2025. This ITM renews emphasis on FinTech start-up areas. Singapore is an open and global FinTech centre and we expect sustained growth in the FinTech sector despite a slight dip in FinTech funding in 2022 compared to 2021.

Key opportunities for Canadian Fintech companies in Singapore

  • Singapore provides good access to financial markets and investor pools. Having Singapore as a regional headquarters works as a 'stepping stone' to enter the broader ASEAN/APAC markets.
  • Singapore has a conductive business environment with an equitable and permissive regulatory framework that makes it easy to establish a business.
  • Having a Singapore regulated entity comes with prestige that can lead to increased investor and customer confidence.
  • Singapore has an educated and internet savvy population with active initiatives to boost IT literacy of the older population.

Notable challenges for Canadian Fintech companies in Singapore

  • The domestic market in Singapore is small / more focus on large ASEAN/APAC market.
  • There is a lack of suitable domestic talent and some obstacles to importing overseas talent.
  • Well entrenched legacy service providers dominate the Fintech sector and have significant influence over the system and stakeholders.
  • Investments can go to select firms that are 'in the club' and it can be difficult for 'outsiders' to break through.

Singapore business landscape

The Singapore FinTech sector is complex and diverse, ranging from start-ups to international companies. As of October 2023, there are over 1,600 registered FinTech firms, many of whom offer a range of services. According to recent survey data, an average of 3.7 solutions were offered by FinTech Infrastructure providers and it is not uncommon for companies to take on a variety of business models such as B2B and B2C.

  • The leading 3 verticals (by number of companies) are: 1) Payments – 31% / 496 Companies, 2) FinTech Infrastructure Providers – 18% / 288 Companies and 3) Regulatory Tech – 17% / 272 Companies.
  • The leading 3 sub verticals (by number of companies) are 1) Money Transfer & Remittance – Approx. 40 companies, 2) Online Payment Gateway – Approx. 40 companies and 3) Mobile Wallets – Approx. 24 companies.

The Government of Singapore has long seen the financial sector as a key to its growth and development towards an innovative, knowledge-based economy where the focus is 'Value Creation' over 'Value Adding'.

As part of this overall focus, the Monetary Authority of Singapore launched the Financial Sector and Innovation Scheme (FSTI) in 2015. This scheme is now in its third round with FTSI 3.0 having been launched in August 2023. FTSI 3.0 provides S$150 million (about CAD 150 million) over the next three years. Key focus areas for this scheme are 1) a newly introduced Environmental, Social and Governance (ESG) track, 2) Promoting the adoption of artificial intelligence and data analytics (AIDA) in smaller financial firms and 3) Supporting the needs of less digitally mature firms looking to acquire RegTech solutions.


FinTech companies wanting to enter Singapore are advised to benchmark themselves against the winners of the Singapore FinTech Festival and look into the FinTech Hackcelerator problem statements. Companies with the ability to solve a key problem statement will likely have a better chance of success.

Singapore is an excellent incubator for start-ups, but it is a relatively small marketplace. Therefore, FinTech companies who set up in Singapore should plan to use it as a gateway to the larger ASEAN region and the 4.5 billion population Asian market beyond.

It is important to remember that Asia, especially Southeast Asia, is not one monolithic region. Regulations, consumer habits, and business norms vary widely, so there is no such thing as a singular Asia Strategy. Companies should develop country-specific approaches that consider the nuances of each individual market.

Key Stakeholders and Trade Associations

Key FinTech Events

For more information on Fintech in the Singapore market please contact Andrew Threlfall (

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