Singapore wants Fintech that bolsters, not disrupts, mainstream banks. One attraction of Singapore for fintech entrepreneurs is what Mr Mohanty calls the “sandbox”: a relaxation of some regulatory requirements to allow small-scale experiments.This lets firms test ideas in secure, rich, low-risk Singapore before exporting them to bigger markets. Singapore also makes much of its efforts in “regtech”—software helping banks comply with increasingly complex regulations.The MAS has vowed to invest S$225m ($158m) in fintech by the end of 2020.
With the rise of technology such as blockchain, regulatory and compliance requirements can be met with more efficient systems that will free up relationship managers to do what they do best – providing investment advice and seizing investment opportunities for their clients. The fintech market is crowded but at the same time growing in different areas. In 2017, more an more innovations and products will emerge in the Asia market, and power Asia’s future.