New Fintech Funding Plans in Singapore to Extend Beyond 2020
The Monetary Authority of Singapore (MAS) is extending new Fintech funding plans, after achieving positive results in the initial phases.
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As the first round of Fintech initiatives comes to an end after five years, the positive results achieved are among the many reasons why MAS is considering the extension.
The initial phase of the programme cost $225 million and was responsible for spurring innovation, creating new jobs and attracting companies to the island state.
Singapore is one of the many global financial centres in the world that actively promotes technology to enhance innovation and competitiveness. Due to MAS’s active outreach and promotion, the country now has a vibrant and impressive Fintech ecosystem with more than 600 Fintech start-ups to date. In 2015, that number was approximately 50. With an extension of the new Fintech funding plans, greater accomplishments can be expected from this sector.
With the robust growth of the Fintech industry, local employment has grown significantly. This is an impressive accomplishment indeed, in a time when automation is prompting many financial institutions globally to downsize staff and shut down branches.
Singapore’s private sector is rapidly growing. Investors are spending an impressive US$735 million on the country’s Fintech venture within the first nine months of this year alone. Because of MAS’s ongoing efforts, approximately 1,000 Fintech jobs are created annually outside the financial sector. It will be interesting to see what the new Fintech funding plans will include.