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Fintech Development in Singapore: Characteristics and Enlightenment (No.197, 2021)
2021-09-13
By Zhang Liping, Wang Yanyan & Zhao Yao, Research Team on “The Status Quo, Trends and Strategies of China’s Fintech Development”, Research Institute of Finance, DRC
Research Report, No.197, 2021 (Total 6262) 2021-7-14
Abstract: According to The Global Fintech Index 2020, Singapore ranks the fourth among global cities and takes the first place in the Asia-Pacific Region in term of its Fintech development. As a small economy with less than six million permanent residents and a land area of 719.1 square kilometers, the vitality of Singapore’s fintech development has fully revealed the importance of integrating internal and external resources, especially utilizing the external ones. With the aim of promoting its fintech innovation, application and development and maintaining its advantageous position in the world finance and economy, Singapore has made proactive and continuous efforts to unleash fintech development potential relying on its financial foundation with global competitive edge, business-friendly environment and its broad overseas market. By formulating development plans, innovating supporting systems and implementing flexible supervision, it has realized the effective gathering, management and configuration of both domestic and international resources. In light of China’s case, although its large domestic market scale and rich application scenarios are still underpinning its fintech development, the better use of external resources will give bigger play to the role of its existing advantages, which is equally indispensable to China’s fintech development. In this regard, the practical experience of Singapore is worth learning.
Keywords: fintech, global resource allocation, flexible supervision, Singapore
