“Singapore’s fintech sector has been a great growth story with more than 400 fintech firms in the country and a lot more being added every year.”
Fintech apps that provide peer-to-peer lending services have introduced new business models to fill in gaps left by traditional lenders, like banks. These apps incorporated the use of big data and artificial intelligence (AI) to accurately access an individual’s credit profile and his/her ability to repay a loan. As such, potential borrowers that are ignored or rejected by the larger financial institutions can use this platform to finance their needs.
Fintech has the potential to transform how the world operates. Anything that involves transferring of money, ordering of food, grocery shopping, buying of new clothes or getting a loan, can be improved by fintech. This is because fintech solutions are not restricted by geographical borders, company can expand their business globally by tapping on the fintech services. According to the quarterly report by KPMG, Singapore has achieved a record high of US$229.1 million (S$312 million) of ﬁntech funding last year. In the next five years, Singapore will foresee to become one of the world’s fintech capitals as it is in the middle of India, China, and South-east Asia.
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