The Rapidly-Growing FinTech Landscape: How Singapore is Adapting

The financial services industry in the Association of Southeast Asian Nations (ASEAN) region is rapidly evolving as a result of FinTech disruption. The key drivers behind the rapid adoption of FinTech innovation in the region include fast-growing economies, a young, urban and digitally savvy population, increasing mobile and internet penetration, and largely under-served SME and consumer markets. According to the World Bank and ASEAN’s recent report, ‘Advancing Digital Financial Inclusion in ASEAN‘, less than 50 per cent of the population owns an account at a formal financial institution, and payment penetration in most ASEAN countries remains less than 40 per cent.

Singapore is geographically well-positioned as a springboard into Southeast Asia to tap into the ASEAN growth story. FinTech companies and big technology firms, including Alibaba and Grab, are setting up shop in Singapore, attracted by its access to markets, talent, capital, progressive regulation and strong government support – characteristics which foster FinTech success.

This off-the-record roundtable on 30 April will look at the evolving FinTech landscape in ASEAN and the role that Singapore can play in supporting the region’s development. Damien Pang, Deputy FinTech Technology Officer at the Monetary Authority of Singapore (MAS), will share insights on Singapore’s innovative regulatory approach and strategy for facilitating broader adoption of FinTech innovation and development in the region, while Wilfred Blackburn, CEO of Prudential Singapore, will speak on Prudential’s experience as a life insurer in Singapore and its expansion in the InsureTech space.

To register your interest in attending, please e-mail business.policy@asiahouse.co.uk. 

DeepTech Deep Dive: Opportunities in Singapore and Southeast Asia

Separately, MAS and Prudential are hosting a reception ‘DeepTech Deep Dive: Opportunities in Singapore and Southeast Asia’ at the Tate Modern on 30 April from 6.00 – 8.30pm.

Join MAS and Prudential to discuss trends and opportunities at the cross-section of Southeast Asia’s FinTech and DeepTech ecosystem, learn about their latest projects in Artificial Intelligence (AI) and Distributed Ledgers, hear from an expert panel on how AI products are evolving and being adopted in the region’s financial services sector, and meet leading Singapore-based FinTech firms.