Setting up a Singapore FinTech business in 2021
Since 2003, Healy Consultants Group PLC has been providing our multi-national Clients with Singapore business set up services in a wide range of sectors. Recently, this has included financial technology (FinTech) businesses seeking to capitalise on Singapore’s status as a global Fintech hub. Healy Consultants Group PLC is happy to assist your FinTech business become part of the Singapore Smart Nation initiative.
Why set up a Singapore FinTech business?
- Singapore’s FinTech industry is the third largest in Asia Pacific by funds, behind only China and India;
- As part of Smart Nation, the government has developed a robust regulatory and licensing framework around FinTech, including the creation of the so-called ‘Regulatory Sandbox’. The sandbox is designed to allow FinTech companies to innovate and experiment with new financial products and services in a ‘live’ environment;
- Singapore’s FinTech Ecosystem covers four sectors: i) banking (taking deposits) ii) insurance iii) capital markets (e g providing financial advisory services or offering digital tokens) and iv) electronic payments (e-payments);
- To date, the Monetary Authority of Singapore (MAS) has i) licensed over 50 innovation labs and more than 1,100 FinTech firms and ii) provided US$12 billion-worth of capital investments for ASEAN enterprises from the FinTech and communications technology sector. Singapore’s FinTech sector was the subject of more than S$1 billion in investment in 2019;
- Singapore offers multiple grants for FinTech companies. These include i) subsidies ii) investments iii) business development support iv) overseas expansion and many more;
Setting up a Singapore FinTech business
- Each FinTech licence application is subject to approval by MAS on a case-by-case basis;
- A Singapore company is required to appoint a locally resident, qualified director and a have physical office space in the country. MAS expects all directors of a FinTech business to have work experience and education related to the company’s business activity;
- On average, MAS releases its decision on whether to licence the FinTech business 21 days after submission of a quality application;
- Depending on the innovation, MAS will provide appropriate regulatory support to a company been granted a ‘Sandbox’ licence;
Healy Consultants Group PLC will efficiently assist our Client to establish their Singapore FinTech business and meet all regulatory requirements. Our services include i) applying for MAS approval for the licence ii) opening a corporate bank account for the business iii) assisting our Client to recruit qualified staff iv) assisting our Client to obtain visas for qualified staff iv) assisting with finding office premises.
For more information on Singapore company registration steps, see this page.
For more information on setting up a Singapore cryptocurrency business, see this page.
For more information on setting up a Singapore stored value facility (SVF) business, see this page