Singapore – The Asia Pacific countries, especially Singapore and Hong Kong, are some of the most prominent fintech powerhouses worldwide. These countries blend fintech hotspots like SG and HK with new and improved challenger hubs like Indonesia, Melbourne, and other South-East Asia parts.
Currently, the Asia Pacific region has more fintech firms than the United Kingdom, EMEA, and the Americas. According to the latest statistics, Asian countries have 42 fintech hotspots. The top five fintechs from the region are Singapore’s ride-hailing company Grab (Singapore), China’s payment system giant Ant Group, financial services JD Digits, delivery service GoJek, and India’s payment platform Paytm.
Singapore, which is home to many insurance and wealth fintechs, promises to build more fintech hubs nationwide and focus on digital currencies and blockchain technologies. In China, the top three cities for fintech hubs are Beijing, Shenzhen, and Shanghai.
At the time of writing, Singapore is the most sought-after destination for fintech hotspot. It currently has around 500 fintech startups and a strong presence across the peer-to-peer and payment lending sectors.
Some of the leading fintechs in Singapore are the insurtech Singapore Life/Singlife, life planning adviser BetterTradeOf, and the online remittance provider Toast. According to the resources, Singapore also boasts the country’s bustling crypto industry. Most people don’t know that the famous cryptocurrency Litecoin, crypto wallet service TenX, and the blockchain-powered cooperative banking Everex came from Singapore.
Recently, Singapore ramped up its banking industry by providing its first virtual banking licenses, with China’s tech giant Ant Group and the ride-hailing firm Grab among the winners.
According to some crypto critics, Singapore is a rival to Hong Kong, making the government more dedicated to growing its status as a fintech powerhouse. The Singaporean government is on a drive to propel the entire country to greater heights and attract more foreign investments.