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What is financial digitization?

The revolution of digitalization has already had its effects on almost all walks of life. From medical sciences to art, technology has also transcended into the financial sector, changing the face of traditional banking and finance. When technology is so intricately engaged in a system, it results in an eruption of countless possibilities. 

Digitalization of simple and complicated processes, automated services, and technologically equipped setups is gradually becoming the new normal. Digital changes are emerging every day, giving rise to relentless competition and innovation. 

In the financial world, digitalization majorly involves altering data and services into their digital forms. Instead of heavy paperwork, or long queues in banks, people can operate their accounts, take loans, update their KYC (Know Your Customer) online, and much more, from any corner of the world. 

With so many possibilities of digitalization and automation, there is a very evident upsurge in the number of small and big businesses operating in the fintech (finance-technology) space. This has led to aggressive competition worldwide. 

During the pandemic alone, there was a 57% rise in the adoption of digitalized payment services. 

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‍What technologies are used in finance?

There are several branches of fintech that have emerged in the past few years. The most common ones are the ones that have high adoption rates like e-payment, e-banking, e-KYC, etc. But there are innumerable services and technologies that are now picking momentum like chatbots using artificial intelligence, blockchains to operate cryptocurrencies, robotic process automation to analyze and process data with the involvement of manual work, etc. 

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Cloud Infrastructures – Traditional financial institutions and banks have started adopting cloud services to store and process data. When the data is stored in a systematic manner in the cloud, it is much easier to access, update, evaluate and scale. Cloud infrastructures were one of the pioneers of introducing the benefits of digitalization in the financial sector.

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Application Programming Interfaces (APIs) – This technology has disrupted the traditional way of banking. Majorly provided by third parties, this technology has enabled easy and quick fund transfers and payments, directly and indirectly from bank accounts. The third-party acts like the technological front, while the customary banks and institutions partner with these third parties to merge their services with the latter. This simple technology has caused a revolution in the fintech world, enabling a disruptive change in the way people are handling everyday transactions and even small loans. 

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‍Automation – Automation is an integral part of a few services provided by banks nowadays. Payment and customer updates, communication from financial institutions to their customers, etc., are rapidly being automated. With automation comes a high level of accuracy and efficiency as it takes lesser time and leaves negligible margins for error.

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 Artificial Intelligence & Machine Learning – These are the quintessential branches of technology that can help a layman decipher the mere scope technology has. What started as simple chatbots which helped resolve simple customer queries, artificial intelligence has allowed us to reach an altogether different ballpark. Data analysis, automating complicated processes like credit analysis and loan approvals, artificial intelligence, and machine learning have taken fintech to a new high. 

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Robotic Process Automation – An extension of automation itself, RPA enabled by AI allows banks and financial institutions to process complicated procedures using software robots instead of manual labor, which saves time and resources tremendously.

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Risk Assessment – AI can also be used for analyzing and evaluating risk for big and small investments. Investors nowadays rely heavily on digital platforms to help them ascertain risks and analyze trends, making the entire system more efficient and intelligent.

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Regulation Technology – With such a mammoth scope comes serious responsibility. Digitalization has made financial dealings simpler and more organized for most of us, but with new start-ups and organizations innovating and disrupting conventional methods, regulating them becomes extremely crucial. While global economies and leaders lay out ever-changing regulatory policies, it is highly essential for banks and institutions to strictly follow and abide by them. For both these parties, reg-tech has been an indispensable component. With reg-tech it is easier to track policies and identify outliers. With a systematic set up in this regard, fintech can be made much safer and secure.

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‍How has digitalization affected the banking sector?

Automated Services – With third-party involvement, automation vis-a-vis banking services is on a rise. Most of the conventional banks are gradually shifting most of their services online too, where it is much simpler to automate supplementary processes like data storage and updates, subscription renewals, small loan financing, etc.

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Better Customer Services – With a lesser human focus on simple processes, the banks can now dedicate more resources towards enhanced customer services. This is also a result of the intense competition prevalent worldwide in the fintech space. With more startups and companies offering services at competitive rates, conventional institutions have had to up their game in this respect. 

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Less Human Error – Efficiency and accuracy follow the involvement of technology. Digitalization of services and processes leaves a small margin for error, making the entire system more efficient and reliable. 

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Easier to Store and Track – When data is stored in a digital format, it is much easier to play with. Easier access, complemented by automated updates and analysis saves time and churns better results. 

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More Employment – With the rapid transformation that has taken place in these past few years, the level of employment in the fintech sector has grown exponentially. According to the present-day statistics more than 52 million people are employed in this sector and the number is only growing as more and more start-ups are emerging every day.

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The future of digitalization in the financial sector is evidently massive. With such close engagement of technology, the possibilities are limitless and the physical boundaries are gradually diminishing. The rapid adoption of the idea of non-fungible tokens (NFTs) and cryptocurrencies is demonstrated enough to understand how ready our world is to digitalize the financial space. 

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These new-age wallets, which started way back sometime after 2010 by Google, have become essential for many of us. The most popular e-Wallets were launched by Apple around 2014 in the United States. Right after their launch, their popularity quickly spread to the United Kingdom and China. Today, there are hundreds of e-wallets offered by different companies with newer and additional functions. Google Wallet, AliPay, Samsung Wallet, Venmo, and PayPal, are a few of the other most popular digital wallets in the market presently.

When one thinks of digitalization in the fintech space, digital wallets figure somewhere at the top of the list. These wallets enable quicker transfers, and easier online transactions, combined with a hint of gamification, where the user can avail of discounts or get cashback and coupons. 

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 The Concept

Digital wallets are like actual wallets, which only exist online. These wallets have two purposes – Storing information and enabling transactions.

The information that these wallets store depends on their functionality, for instance, some wallets only store bank account details, which are solely dedicated to making online transactions, transfers, and payments. Some of these wallets also offer to share more personal information like identity cards, tickets, reservations, coupons, loyalty cards, and even car keys! The purpose of these e-wallets is to free the user from carrying such items in their physical forms when they can be stored in their digital formats.

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How e-Wallets Work

The most common method that companies, use is via a smartphone application. These applications are versatile and easy to install on almost all devices, making the entire setup process easy. 

After installation, the user feeds in the required information for all the features that they wish to use. Once the information is fed, the app verifies the information and asks the user for various permissions, like linking the wallet to the user’s bank account, etc. 

Once the verification is complete, the user is all set to use the new wallet. 

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The Technologies Involved

To make them universally accepted, e-wallets use different technologies to enable transactions. 

The most common are QR Codes, which are unique matrix codes bought by vendors and companies. The user can scan these codes through their wallet applications on their phones and make payments to complete transactions, making the entire process much simple and quicker than ever before. 

Near Field Communication (NFC) is another technology used by e-wallets. When this option is selected on the user’s mobile device, information transfers from another device immediately get enabled. The two devices should be placed very close to each other to form a closed circuit.

The third type of technology used by e-wallets is Magnetic Secure Transmission (MST). In this the smartphone with the e-wallet generates an encrypted field which is read by the machine on the sales end. The concept is exactly that of what it used for card transactions. The card machine reads the magnetic chip embedded in the credit and debit cards, allowing successful transactions. MST works similar via smartphone, where the phone generates an encrypted field, which is read and processed by the sales machine.

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Types of e-Wallets

Closed Wallets – A closed wallet is offered by websites or apps to make payments or purchases restricted to the issuer. The entire amount is stored on the user’s website or application account.

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Semi-closed Wallets – These types of wallets allow users to use the stored amount not only with the issuer’s website or app, but also with merchants accepted by the issuer in the locations listed by the issuer.

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‍ Open Wallets – An open wallet has gradually become the most popular digital accessory for e-wallet users, where the users can either add money in their digital accounts or link their digital wallets with their bank accounts to make seamless transactions. There are no restrictions of accepted merchants and issuers, and they can be used everywhere where technology supports such transactions.

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Crypto Wallets – Crypto wallets are crypto-dedicated, which the users can use to store their crypto purchases. These are secure and supported by blockchain technology, which enable transfers and payments from a single or different cryptocurrencies. These particular wallets are operated by keys, that are solely the owner’s property. 

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Internet of Things Wallets – IoT-enabled wallets are installed on devices other than smartphones and desktops like watches, jackets, smart cars, etc. These are yet to gain absolute popularity as they mostly work with virtual currencies which have a very high price.

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Advantages of e-Wallets

Quick and Easy Transactions – The transfers made via e-wallets are faster and easier than other modes. The process is easy to setup and the transactions conducted through these are mostly one-way in nature, making it lesser prone to any kind of lag.

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Secure – With all parts of the information and personal data heavily encrypted, these transactions are very secure. All transactions require codes and passwords to be entered by the user, and they are additionally verified by using biometrics like facial features and fingerprints.

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No Penalty for Low Amount – Unlike bank accounts, where overdrafts can incur heavy penalty, e-wallets do not follow the same rule. If there is a low balance, the user will get alerted and the transaction will not go through. The user would have to add the required amount to complete the transaction.

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No Minimum Amount – Digital wallets allow small transactions to go through, as there are limits for minimum amounts. There are limits for big amounts, which can be customized according to the user if the issuer offers such a function, but the user would not incur any fees for small amounts.

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No Usage Limits – There are no usage limits for using digital wallets countless times. The user does not have to worry about overusing their e-wallets.

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‍ Closing Thoughts

Digital Wallets are major participants of the disruptive wave of digitalization that has taken over the financial sector. Their versatility and quickness brings a high level of convenience to the users. Having everything in one secure place makes much more sense than carrying physical cards and identity cards everywhere. 

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If you are yet to explore the usefulness of e-wallets, now is the time.

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Automation and digitalization have taken over the financial world like wildfire. While digitalization is the process of amalgamating technology with the finance sector, automation of payments is a subset born out of this amalgamation. 

Automated payments have not only proven to be a convenient alternative for individual users, but they have also been a boon for businesses both big and small.

Setting up automated payments is quite easy and can be used for a multitude of things. They can be set up as easy monthly instalments (EMIs), monthly electricity and water bills, loan repayments, etc.

For businesses making or receiving recurring payments to and from customers, automated payments have helped achieve a high level of efficiency and accuracy saving them from misses and mistakes.

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Let us first talk about automated payments for individual users.

Users can set up these payments in two ways- 1. Directly from the bank account, like an electronic fund transfer (EFT), or 2. By using a credit card.

Setting up automatic payments is easy and can be started almost immediately, by choosing your preferred method and setting up a particular date and time for the recurring payment to go through every month.

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The advantages of automated payments for individuals users:

1. The procedure to set automated payments is quite simple.
2. After setting it up once, there is no need for manually entering information or making fund transfers manually.
   
   
3. It saves the user a lot of time as the user is no longer required to make such transfers manually every time.
4. Since the date and time are already set beforehand, it saves the user from mistakes like missing out on the last payment dates.
5. When the user becomes habitual of seeing this amount getting debited from their account, it helps them to create more efficient budgets.

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The disadvantages of automated payments for individual users:

1. Automated payments can only be used for recurring payments that don’t occur in an erratic manner.
2. If the user is not careful, automated payments can lead to creating overdrafts if there is an insufficient balance.
3. There is a high penalty for insufficient balances in bank accounts.
4. The user needs to keep a frequent check on their balances as well as whether their payments are getting processed successfully or not.
5. Automated payment systems are versatile but they are not accepted by all billers, which limits the functionality of the system.

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Automated payments for businesses are a little more elaborate when compared to individual users as other than making recurring payments, businesses can also use this functionality to receive payments from their consumers.

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It is highly imperative for businesses to be on time, and have 100% accuracy and high efficiency to manage their payment systems. With automated payments, businesses don’t need to go through the trouble of manually feeding in information every time payment has to go through. Digitalization has also made the concept of subscriptions quite popular among the masses. Businesses can also have automated their systems to receive recurring payments from their customers. 

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The pros of automated payments for businesses are:

1. When there is minimal manual work involved, there are lesser chances of mistakes. After receiving information from the customer, the data is stored automatically on the customer database, which gives much higher accuracy than if the information has to be entered manually each time.
2. Automation saves a lot of time and manual labor costs, making the entire system much more efficient.
   
   
3. Automated payments ensure that the payments that the business has to receive and make are conducted in time, with minimal or no errors and mistakes enabling higher reliability.
4. This also gives a chance for businesses to store sensitive customer information, which can later also be used for creating customized plans and packages.

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The cons of automated payments for businesses are:

1. If there is any change in the customer’s personal details, or if their account has an insufficient balance, the payment is unable to go through. In such scenarios, the business has lesser control over the entire transaction.
2. When businesses choose to offer such a service to their customers, it is important for them to abide by the strict rules governing data protection and privacy policies. Any lag in following them can lead to damaging results.
3. This is an added expenditure for business as automated payment setups mostly require third-party involvement. The third-party supplies this technology that the business can integrate with its system, which can be a little expensive.
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Overall, automated payments have brought about much higher efficiency and accurate results for both businesses and customers that the subscribers to this technology are not going back any time soon. With easy procedures, businesses can save on time and manual resources to achieve a much higher percentage of returns from their customers. 

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As this technology has already been adopted by most banks and is quite prevalent with businesses providing services like Netflix, magazines, etc., it is quite likely that the popularity is only going to grow and automated payments could become an essential asset, more for businesses than individual users. 

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The fintech chant that started as a tiny whisper, can now be heard resounding in almost all corners of the world. What’s more is that this chant is now being accompanied by drums and trumpets, owning its presence and how! The innovation spree in this industry has been the mainspring of this revolution, where companies have created and recreated technology that has made the world a lot smaller, in a good way.

However, with such galore, comes raving competition.

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Highlights in Southeast Asia’s Fintech

The CAGR of fintech is reportedly perched up at a stupendous 25%, rendering it to be the fastest growing industry today. In 2020 alone, the US had 8,775 fintech start-ups. By 2021, the number of start-ups had gone up to more than 11,000 in America, 6,500 in the Asia Pacific, and almost 9,000 in EMEA.

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The Asian fintech market has witnessed a leaping progression in recent times, as some of the biggest players are rooted right here. Alipay, owned by Ant Financial in China, is the global leader in fintech. What started as simple eWallet solutions, has now transformed the face of fintech and found its niche in people’s everyday routines. They offer ePayment solutions, wealth management, investments, eBanking, international payments, and much more. With a vast network of operations in 40 countries, Alipay has claimed the position of the world leader in this industry.

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Talking of leaders, the UK has been at the forefront of fintech globally; London becoming the hub, with the highest fintech index, closely followed by San Francisco and New York. In Asia, the fintech market has found its pivot in Singapore. 

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‍Singapore City is a financial fulcrum, and it is no new revelation that it is one of the leading fintech cities. More than 40% of Asia’s fintech are based here and the funding of fintech start-ups has multiplied by more than three times in the past 5 years. 

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Grab, the leading fintech giant in Southeast Asia is an amalgam of delivery services and payment solutions. It has expanded its operations across several countries including Singapore, Indonesia, Thailand, Malaysia, and more. Its service suite, which started as simple food delivery, has now branched into finance and payments, which include lending and investments too.

For Visa clients in Singapore, a partnership between Railsbank (London) and Visa has prompted the enablement of visa payment technologies, allowing easy on boarding along with spectacular fintech benefits and access. Now, clients in Singapore can avail of Railsbank services too.

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India has not been far behind in this pyramid of fintech leaders. The consumer shift towards fintech in India has been parallel to that of China, with both countries reporting an 87% shift into digitalization. The Indian cities of Bangalore and Mumbai have exponentially grown vis-a-vis fintech. 

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Razorpay is the key player in India, which allows businesses to process payments with its elaborate suite. Founded in 2013, with a solution-driven focus, the company has received total funding of more than $750M USD which has powered its aggressive expansion. Paytm, another fintech in India has become the most reliable and used e-payment gateway for the enormous Indian population. With a revenue of almost $420M USD, this company too is charging ahead in the race.

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 Indonesia has attracted quite a big chunk of fintech funding, making its presence unmissable in this market. The GoJek digital payment solution has transformed into a lifestyle platform, allowing users to book taxis, order food, make digital payments to other vendors, etc. GoJek is a well-established fintech organization, competing with the likes of Rapyd (London) and Affirm (San Francisco).

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 The Thailand fintech market also has been in the news with its e-payment platform, PromptPay. The fintech platform that allows easy payments using personal data for verification purposes, has recently tied up with Rapyd, the London-based fintech, that has launched PromptPay services on the Google Play Store, enabling Thai consumers to install the app and make in-app purchases with ease. 

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Hong Kong too has found a place among the top fintech hubs in the Southeast, followed by the Malaysian capital, Kuala Lumpur. Immunity from Covid?

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While Covid-19’s fatal impact echoed all over the world, affecting all segments and countries, especially in terms of finance, Singapore’s destiny was earmarked for gains. Investors took particular interest in the potential scope of Singapore’s finance market, fueling its engine with private investments. The businesses that started off as simple e-payment solutions and quick personal loans have branched out into a wide array of services, including investments, wealth management, payment and remittances, reg-tech and data analytics, and more. Owing to the market being emergent still, the majority of Singapore fintech start-ups are in the early stages of business. 70% of the start-ups have thrived on Seed or Series A investments.

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Closing WordsThe fintech fraternity in recent years has witnessed an uprising like no other industry. While the UK and USA lead the way today, the extent of innovation and consumer shift seen in Southeast Asia remains unmatched. The engine has just caught its momentum, if fueled right, the market dynamics here might just thwart forward and acquire reign eventually.

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The potential of technology has emerged as a majestic superpower that we are increasingly dependent on in today’s world. Everything, or almost everything, revolves around these two words – finance and technology; the leading elements of this new age world, which symbolize the monumental scope of all that we can be and achieve.

Fintech, our shining star, has taken the helm of the structure of finance in these modern times. From purchasing products overseas, transferring money from one corner of the world to another, to making virtual and cashless transactions from personal mobiles, everything has become possible and easier, under Fintech.

And if there is one sector that was propelled forward during the pandemic, it is Fintech. Staying at home, and going cashless to avoid physical transfers between people, brought a compelling surge in this field. 

Fintech hubs worldwide are booming with innovative technology and are disrupting banking like never known before. Read on to find out more about the prominent trends in this space.

Neo-banks

Neo-banks are digital banks which exist only online entirely. This particular type of banking has been one of the major disruptions in the traditional banking sphere, because of negligible human interaction, allowing users to avail all kinds of banking services from any corner of the world with user-friendly interfaces.

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This concept has widely been adopted by new and old institutions alike, where digital banking services like money transfers, account opening, KYC, and many more services are given as an extension to the prevailing ones.

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Robotic Process Automation

An augmentation to digitalization and automation, RPA – Robotic Process Automation involves employing robotics or digital employees to work in place of humans to make several processes more efficient and increase accuracy.

The primary intention of engaging RPA in systems is to increase efficiency and cut down on costs which enables the RPA employers to focus their time and resources on improving customer services.

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Blockchain

Blockchain technology has intrigued the financial sector because of the blanket of security that comes with it. This Avant Garde technology disrupts the centralization of procedures, making it possible to store data in a decentralized space, which is almost impossible to falsify or manipulate.

The level of security that comes with this innovative technology makes it possible to conduct transactions overseas safely, which is immensely appealing. 

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Artificial Intelligence (AI) & Machine Learning

These prodigies of innovational technology have introduced us to the multitude of possibilities that can transpire when the human mind gets creative. Chatbots, market trends analysis, flawless cyber security, credit and loan resolutions, and customized services are just a few of the many breakthroughs that have materialized because of AI and machine learning. 

As more and more processes corroborate with AI, the extent of identification and protection against cyber threats remarkably increases and the operational costs of financial institutions go down substantially, making AI an indispensable pillar.

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Biometric Security Systems

An extension of AI, biometric security systems are the coming of age of the brilliant concept of substituting signatures with more definite and secure options like fingerprints, facial and iris recognition, voice analysis, etc. 

This brings the structure of financial security to an altogether new pedestal, where personal information is corroborated with biometrics to create fool-proof cyber safety. 

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Open Banking

This is the space where banks can join hands with third-party service providers, with the help of application programming interfaces (APIs) to enable transferring data and services between customers, banks, and third parties.

For instance, a customer could allocate powers to a third-party app to make transactions using their bank accounts which makes payments, standing instructions, and connections much easier and more convenient.

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Regulation Technology

In this, technology is heavily employed to handle and monitor regulatory compliances, which enables systems to act in accordance with compliances, that could otherwise be omitted due to human error. Reg-tech versatility allows the same institution to adapt and change technologies according to jurisdictions and locations.

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Gamification

Inspired by people’s fascination to get rewarded, financial institutions also have joined this corner, where they apply gamification strategies to engage their customers. The most prominent technique has been to give rewards based on transactions and the value of the customers. Some institutions also provide scorecards and/or badges when customers complete a particular task, like making 10 transactions using the bank’s app in a month.

Gamification has enabled a more profound engagement between banks and customers, where banks analyze and read the customers’ actions and provide incentives accordingly.

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Final Thoughts

The emergence of Fintech started with tiny steps a little after 2012. Ever since then, the momentum of its expansion and adoption has only increased worldwide. Today, there are more than 26,000 Fintech start-ups bridging gaps and innovating relentlessly to make financial services easier and safer. Around 30% of traditional banking customers have adopted and received financial services from third parties and the number is only rising every day.

It would be appropriate to say that the storm of Fintech is not here to settle.

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Singapore has always been known as the financial hub of Southeast Asia because of the idyllic, opportunity-laden environment it provides. In recent times, with the upsurge in the world of Fintech, the country inevitably has witnessed marvelous evolution in this regard too. Startups and companies from all over the world have been turning to Singapore to find a spot vis-à-vis Fintech incubation or business tie-ups.

Based on a number of reports, Singapore has been ranked as the 4th largest financial hub in the world after New York, London and Tokyo. The economy of the country is thriving. When it comes to Fintech, Singapore’s economy has witnessed even more success. To prosper amidst such high levels of competition and come out as a world leader, requires some prerequisites. The three main elements that have been identified as essential prerequisites to become a Fintech hub are – the number of entrepreneurs initiating startups, an investor’s pool to fund the operations and growth, and education and expertise. These help lay the basic groundwork for an economy to head into the direction of becoming a Fintech leader. 

But there is a lot more involved when it comes to being a world leader in Fintech. For the entire ecosystem to flourish, a strong financial backing, combined with expertise in innovation and technology is absolutely imperative. To achieve these, the environment has to have the right kind of opportunities and support. The next section explains these prerequisites in a more detailed manner.

What Does It Take to Become a Fintech Hub?

A report by ICAEW has correctly identified five elements that converge to make a Fintech center. These five elements are:

‍Expertise

Knowledge and expertise form the base of success in this domain. The world of Fintech relies heavily on innovation and creativity. When there is adequate education and available information, it leads to opportunities. These opportunities are tapped by budding entrepreneurs, which creates competition, which in turn opens doors to a revolution. Technological and financial expertise and knowledge is essential in reaching the top tier of Fintech.

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Investment

Capital investments are what breathe life into these innovations and businesses. The world of Fintech is being led by startups, which don’t have adequate funds to create what they aspire. This is where the role of investors comes in. With money flowing in, it is possible to expand operations, hire experts, and grow. Growth of a startup hugely depends on the level of its funding.

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Consumers

A ready market with huge demand and consumption, completes the circle of a startup delivery. The customer is what makes it possible to make this process an ongoing one. This is where the startup can make its choice of whether it intends to cater directly to the end consumer (B2C), or if it intends to partner with other businesses (B2B).

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Regulations

With the growing number of possibilities of innovation, it is crucial for an economy to lay its focus on regulating the operations of all the booming businesses. A competitive market leads to innovation, but if unchecked, it could also lead to several misdemeanors putting the customers or the startups at risk, which could ultimately lead to a downfall. 

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Government

A befitting government support to manage investments, and the market, is one of the key factors which governs the success of the economy. The layout the government has planned for business operations plays a huge role in determining how all aspects of the economy would function.

These five elements have been identified as the key to becoming a Fintech power. These make a common framework in all the leading economies in the world. The instances of London and Singapore both were analyzed and compared to understand what underpins successful Fintech hubs.

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Singapore: An Overview

Singapore, with a population of only around 6 million, has achieved an exemplary feat in the Fintech space. A huge number of Fintech startups have come up in a short span of time, delivering services and products which are in direct competition with their counterparts in bigger economies like the United States and the United Kingdom. Such enablement has brought the world’s focus on this small island city-state, which proudly stands with its head high.

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Unlike the counterparts in New York and London, everything about the Fintech space in Singapore is quite different as it is focused overseas.

The country is surrounded by much bigger markets in Southeast Asia, where there is an exponential potential waiting to be tapped. A majority of the startups in Singapore are targeting collaborations with banks in other Asian economies. With this approach, it is aiming to become an indispensable Fintech partner which helps bridge the gap between conventional and digitalized banking.

Singapore’s Fintech sector has been dominated by e-payments and remittances startups being the first Fintech products in general, but now, with new branches in Fintech like cyber security, regulation technology, etc., the shift in focus has started diluting this dominance, giving space to more diversification. This in turn, has led to a substantial increase in investment opportunities. 

Overall, the Fintech ecosystem in Singapore has proven itself perfect. Finding and tapping on the right opportunities and making itself an indispensable aid, is what is giving Singapore new heights. With innovation booming inside, and investors pouring in from the outside, Singapore becoming a Fintech magnet only seems predestined.

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