Singapore is a small city-state surrounded by Malaysia, Indonesia and the South China Sea; however, its impact goes far beyond its geographical border. The city-state boasts a thriving FinTech Industry, which has transformed into a global hub, changing the way businesses operate by leveraging technology. In this century, Singapore has emerged not only as a financial marvel but also a FinTech pioneer.
Pre-FinTech Era!
Initially, Singapore focused on brick-and-mortar banking traditions, with banks operating strictly within their traditional roles before the advent of FinTech. The introduction of banking regulations and policies limited startups’ ability to innovate digitally. However, this dynamic changed with the emergence and growth of digital payment gateway providers, peer-to peer lending platforms, and challenger banks.
## The Turning Point
2016: Shift to FinTech
In 2006, Singapore’s fintech industry saw a critical turning point when the startup, OCBC Bank Venture, launched Singapore’s NextGen Banking Programme, a strategy aimed at promoting innovation-based banking. The initiative targeted fintech companies, leveraging their expertise in digital advancements to enhance financial services experience.