Financial Technology or “FinTech” is basically a merger between financial services and technology. It is the latest trend in finance. There are various factors that are contributing to the growth of the FinTech industry services but some of the main key growth drivers, such as the increased use of social media, mobile and cloud technology in the retail financial services. Technology software, hardware and mobile applications used within the Banking industry were outsourced to the IT companies.
With the rising trend of startups and technology incubators in the FinTech sector is going to create the next big thing in this technology world. Now, traditional financial institutions are also focussing on their digital resources and looking for delivering quality, performance and services to their clients through their own channels.
FinTech is one of the fastest growing industries in Singapore. The city-state is providing an exceptional platform for FinTech solutions in the country with a high concentration to the financial institutions, such as banking, insurance, and asset management sectors. The Gross Domestic Product (GDP) per capita of the country is US$55,600 and world-class infrastructure and excellent internet accessibility. The country has ultra-high-speed fibre infrastructure and its mobile subscription penetration has exceeded 100 per cent – these are some major factors behind the growth of the FinTech sector.
Content in the Fintech Industry in Singapore Report:
- Entities Involved In The FinTech Industry
- Singapore’s Financial Sector
- Singapore Financial Hub of Asia
- FinTech Revolution in Singapore
- Most Promising FinTech Areas To Watch In Near Future
- FinTech Trend
- Infrastructure Of FinTech Industry
- Top FinTech Startups
- Collaboration Is New Innovation
- Major Challenges For FinTech Startups
- SWOT Analysis
- PESTLE Analysis
- Opportunities For FinTech Startups
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