Singapore's government support and the country's rich talent pool of workers with financial experience have allowed fintech to flourish. Other regional centers are now taking note of the public-private co-operation.
Fintech investment has risen in the Asia-Pacific region from $103m in 2010 to $4.3bn in 2015. Investment there now accounts for 19.3 per cent of the total worldwide, according to consultancy Accenture. Singapore, where the government and the financial regulator are taking concrete steps to support innovation, has become a test bed for the use of new technology in Asia. Piyush Gupta, DBS chief executive, said: “I’m convinced in the next five to 10 years our industry is going to be completely different. That’s why this is imperative.” The early successes of the public-private co-operation have been so marked that other regional centres, most notably Hong Kong, are taking notes and starting to follow Singapore’s example.