INTRODUCTION.docx - INTRODUCTION Singaporeu2019s FinTech...

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INTRODUCTION Singapore’s FinTech industry received a record high of USD 861 million in funding from private investors in 2019, which cemented its reputation as the 5th largest FinTech market in the Asia-Pacific region. The FinTech community in Singapore has grown rapidly in the last five years, with exponential growth in the number of FinTechs and people employed by them. The adoption of FinTech by traditional Financial Institutions has also grown, as they have sought means to innovate and transform. FinTech funding has risen steadily to fuel this growth. Moreover, the concentration of FinTechs in Singapore and their diversity in terms of their business models demonstrate that Singapore is an attractive FinTech center. In 2020, Singapore has demonstrated resilience amidst the COVID-19 pandemic. While the COVID-19 pandemic has resulted in a fall in overall FinTech funding in Asia (particularly in China and India), the funding landscape in Singapore has been less volatile.

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