FinTech’s state of play

Taking stock of Singapore’s FinTech landscape, 2022

This report is jointly published by PwC Singapore and Singapore FinTech Association (SFA).

Following extensive efforts and initiatives by policymakers and regulators, FinTech in Singapore has progressed substantially from its initial days. Fast-forward to today, Singapore in 2022 remains an open and global FinTech centre, with the country hosting both locally and internationally-headquartered FinTech firms. Some of our key findings includes:

  • Singapore as the command center for ASEAN

  • Breadth of funding levels promises investment opportunities

  • FinTechs are offering solutions beyond their core product

  • Payments remain to be the largest sector

Key highlights

Mapping Singapore’s FinTech industry ❯

Discover the various sectors within the FinTech industry in Singapore. Read more.

The growth and development of FinTech in Singapore ❯

The phases of growth and development of FinTech in Singapore:

  • The time for innovation and experimentation
  • Innovation goes international
  • From start-up to scale-up
  • COVID-19: Is it really a FinTech winter?
  • The current state of FinTech
  • The future of FinTech

Current drivers of growth and development ❯

As a result of years of initiatives and development, Singapore is now a top destination for firms looking to establish a base from which they can access the ASEAN or APAC market​s. This growth is driven by increasing numbers of new startups and incumbents seeking new opportunities across a range of services.

Emerging trends for Singapore’s FinTech industry ❯

The potential of FinTech in Singapore has constantly been reinforced, despite recent headwinds and disruptions. There appear to be increasing crossover opportunities for FinTech to aid in the growth and development of these other ambitions, and vice-versa.

Mapping Singapore’s FinTech industry

Payments sector appears to be most mature. Over 60% of respondents reported more than SGD 10m in annual revenue.

High diversification within this sector, with average of 3.7 FinTech products and solutions are offered.

Over 35% of respondents in this sector reported having more than SGD 10m in annual company revenue.

This sector appears to offer opportunities for investors looking for early-stage funding as a high proportion of RegTech respondents are still Series A or earlier.

This sector derives the highest proportion of its revenue from Singapore, likely due to the wealth on offer and strong investor demand.

As Singapore’s journey into FinTech is maturing, the path that has already been taken and the distance already travelled are substantive and offer insights to the wider region as constituent markets undertake their own journeys. Singapore has effectively leveraged its various financial, technological, regulatory and other strengths, and marshelled its resources to rapidly grow and develop its FinTech industry. Starting from payments, this ecosystem now extends across a wide range of sectors and sub-sectors, with firms operating in Singapore, as well leveraging its access to the growth markets of ASEAN and beyond.

With Singaporean FinTechs now shifting towards the “scale-up” phase of growth, the potential markets and growth opportunities for the sector are expected to increase substantially. By holding true to what has made it a leading global centre, Singapore will continue to attract and encourage foreign FinTech’s to establish operations here, as well as nurturing a domestic startup scene to ensure that new solutions and services make their way to market. With the early stages of the journey laying the foundations for future success, the state of FinTech in Singapore has never been better!

About the survey

The survey was sent to FinTech firms in Singapore who were clients, members, or that had some level of connection with either PwC Singapore or the Singapore FinTech Association. A total of 52 final responses were utilised. Over 66% of respondents reported their position as being in the C-Suite, with an additional 15% working in senior management positions.

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Contact us

Wong Wanyi

Wong Wanyi

FinTech Leader, PwC Singapore

Tel: +65 9842 2060

Mun Hong Siew

Mun Hong Siew

Director, PwC Singapore

Tel: +65 9017 2455

Conal McMahon

Conal McMahon

Head of Market Intelligence and Insights, PwC Singapore

Tel: +65 9678 0331

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