Singapore aspires to be fintech hub amid flourishing venture capital scene

Singapore is nurturing its thriving fintech sector even through the harsh Covid-19 pandemic times and sees more and more investments pouring into financial technology organizations this year. The cash are moving in as the city-state seeks to become a regional hub for capital raising in areas which range from digital banking and repayments to blockchain-based financial services to robo-advisory.

But the same works the other way: Singapore is also a center for capital raising companies concentrating on fintech investments in the Southeast Asian place and beyond.

In a most current development, Singapore-based venture capital firm IGlobe Partners launched a fresh fund which designs to get $100 million in startups concentrating on fintech, among other progressive sectors such as for example synthetic biology, medtech and smart city technologies.

The firm’s fourth fund, IGlobe Platinum Fund III, will back again 15 to 20 startups across Southeast Asia, European countries and the US to invest in their growth over another three years, according to a statement from the business on June 3.

The brand new fund will back startups such as for example Tonik, a digital bank in the Philippines and NerdWallet in the US, the business said.

On the other hand, Sopnendu Mohanty, the Monetary Authority of Singapore’s chief fintech officer, said within an interview with Bloomberg Media that investments found in financial technology in the city-state have risen from around $20 million in 2014 to an archive $1.1 billion this past year, and more was expected this year.

Mohanty  said that the environment the country is building would enable fintech players to “find opportunities to find if their early ideas result in real value over time.”

He added that the Monetary Authority of Singapore’s aspirations were to “fortify” the country’s situation as a global financial center where incumbent banking institutions and contesting tech organizations would compete to supply innovative services to customers and businesses.