by: Grow VC Group
Download PDF
image_pdfimage_print

The Monetary Authority of Singapore (MAS) announced new initiatives earlier in April to boost the country’s position as a global hub for the burgeoning financial technology sector.

The head of the Monetary Authority of Singapore Ravi Menon and the country’s Deputy Prime Minister Tharman Shanmugaratnam, were recently at the Asia Society in New York where they announced the launch of the first Singapore FinTech Festival, to be held from 14 to 18 November 2016.

As stated on the MAS website, the festival will be supported by the Association of Banks in Singapore (ABS), and will comprehend a ‘fintech hackcelerator’, an awards ceremony for the most creative digital finance applications, as well as conferences and debates on regtech.

Bloomberg reported that Menon declared Singapore will regulate their fintech companies only when they grow to a size that can be a threat to the financial system. “If you start regulating every one of those, you stifle a lot of innovation, and they don’t get a chance to grow,[…]So only when they grow and reach a certain critical mass, which then poses a significant impact on the system, or it can affect a large number of consumers, then we step in to regulate. It’s always a fine balance,” Menon said.

Singapore is not alone here, other countries around the world are taking fintech growth seriously, and the UK is one of those. The main points are: the introduction of a fintech panel and delivery of a support function to supervise activities and regulations; the creation of a professional services information hub to facilitate fintech companies to source legal and accountancy services; the introduction of ‘FinTech Bridges’, working with the UK Trade and Investment (UKTI), to help the companies expand internationally. With £6.6 billion in revenue and more than 60,000 people employed in 2015, the size of the UK financial technology sector is already considerable and considering the attention given to the sector, the future definitely looks promising.

Digital finance is flourishing everywhere from London to Singapore, are you ready to seize the opportunity?

Read more at Crowd Valley News.

Singapore fintech


Learn More About Grow VC Group Companies

Crowd Valley, Startup Commons, Kapipal, Grow Advisors, TradeUp Fund, Deal Index, Crowdcitee, p2p Safety, Crowd Index Fund, Commoditarian

Join Our Team

We are always looking for talented, entrepreneurial and driven doers to join our growing global group of companies in various positions and locations around the world. If you think you have what it takes, apply now!


Other posts you may enjoy

About the author

Grow VC Group The Grow VC Group is the world leading, global pioneer of securities crowd funding, peer to peer marketplaces, new investment models and global business development. Established in 2009, the Group has developed new investment models on six continents and continues to innovate the global market.

Tags: , , , ,

This entry was posted on Thursday, May 5th, 2016 at 5:00 am and is filed under Business Updates. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.