Smart Financial Centre
The financial sector is an integral part of Singapore’s ambition to be a Smart Nation. MAS seeks to create a Smart Financial Centre where technology is used pervasively in the financial industry to increase efficiency, create opportunities, allow for better management of risks, and improve lives. Financial Technology (FinTech), which involves using technology to devise new financial services and products, is a key ingredient in building a Smart Financial Centre.
Singapore offers a distinctive value proposition for FinTech development. These include:
vibrant and collaborative FinTech ecosystem comprising of start-ups, technology companies, financial institutions, investors, research institutes, institutes of higher learning, innovation professionals, and government agencies;
open banking platform via application programming interfaces (APIs) for faster innovation and integration of new and legacy IT systems within the sector;
"sandboxes" as safe spaces to experiment and roll out innovative products and solutions within controlled boundaries;
Financial Sector Technology & Innovation (FSTI) scheme to support the creation of a vibrant ecosystem for innovation; and
strong talent pool of researchers, innovators, and experts; and continuously building capabilities in FinTech.
FinTech Office is a cross-agency body co-led by MAS and SG-Innovate. The office serves as a one-stop virtual entity for all FinTech related matters for new and existing businesses, and coordinates various funding schemes administered by various government agencies.
Setting up your FinTech Business in Singapore
A quick introduction on how to set up your business in Singapore and the funding schemes available from the different government agencies.
Frequently Asked Questions
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