Fintech set up in Singapore?
Fintech startups looking to establish a presence in Asia will be thrilled to know that Singapore intends to grow the Fintech space and promote Singapore as a Fintech Hub.
What are the key developments that has taken place so far?
- The Monetary Authority of Singapore (MAS) has formed a FinTech & Innovation Group (FTIG) within its organisation structure on 1st Aug 2015. FTIG comprises of Payments & Technology Solutions Office, Technology Infrastructure Office, and Technology Innovation Lab. Each of these are led by 3 individuals being Mr. Bernard Wee, Mr. Tan Yeow Seng and Mr. Roy Teo respectively, who will all report to Sopnendu Mohanty, Chief FinTech Officer to head FTIG.
- Major financial institutions such as banks and insurance companies have already set up their innovation or fintech labs in Singapore, i.e. UOB, OCBC, and AIA, etc.
- MAS and the National Research Foundation (NRF) has announced that a FinTech Office will be set up on 3rd May 2016 to serve as a one-stop virtual entity for all FinTech matters and to promote Singapore as a FinTech hub.
- Here’s the good news! FinTech businesses intending to set up in Singapore can then seek advice through the FinTech Office on various FinTech and technology-related government grants and schemes. The FinTech Office will:
- review, align and enhance FinTech-related funding schemes across government agencies;
- identify gaps and propose strategies, policies, and schemes in industry infrastructure, talent development and manpower requirements, and business competitiveness; and
- manage the branding and marketing of Singapore as a FinTech hub through FinTech events and initiatives.
- MAS has also announced the inaugural Singapore FinTech Festival, to be held in Singapore from 14 to 18 November 2016, the first of its kind in Asia, to bring together a series of distinct, back-to-back Fintech events.
What should we be concerned with?
- Compliance requirements, eg. corporate compliance, financial sector regulations.
- Costs (initial setup and ongoing costs) involved in setting up the business, eg. office rent, staff costs, compliance costs, etc.
- Availability of grants and funding, whether they are from the government, incubators, accelerators, angels, venture capitalists, etc.
- Any government incentives, eg. tax incentives.
VALON can be your resource and business partner in Asia. Should you wish to receive more detailed information on VALON, please do not hesitate to contact us at firstname.lastname@example.org.
How We Can Assist:
We will facilitate your office setup by assisting with:
- Evaluating your options
- Help you understand your business requirements
- Liaising with the local authorities
- Preparing the forms and documents for application
- Post-application follow-up
- Assist with your relocation needs
Disclaimer: This publication does not provide financial, legal or tax or advice of any kind, and VALON cannot guarantee that the information is accurate, complete or up-to-date. While we intend to make every attempt to keep the information in this publication current, VALON make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained herein. Nothing on this publication should be used as a substitute for the advice of a third party. VALON assumes no responsibility to any person who relies on information contained herein and disclaim all liability in respect to such information. You should not act upon information in this publication without seeking professional advice.