Singapore aspires to become fintech hub amid flourishing venture capital scene
Singapore is nurturing its thriving fintech industry even during the harsh Covid-19 pandemic times and sees more and more investments pouring into financial technology firms this year. The funds are flowing in as the city-state seeks to become a regional hub for capital raising in areas ranging from digital banking and payments to blockchain-based financial services to robo-advisory.
But the same works the other way: Singapore is also a center for venture capital companies focusing on fintech investments in the Southeast Asian region and beyond.
New venture capital fund for innovative startup
In a latest development, Singapore-based venture capital firm IGlobe Partners launched a new fund which plans to invest $100 million in startups focusing on fintech, among other innovative sectors such as synthetic biology, medtech and smart city technologies.
The firm’s fourth fund, IGlobe Platinum Fund III, will back 15 to 20 startups across Southeast Asia, Europe and the US to fund their growth over the next three years, according to a statement from the company on June 3.
The new fund will back startups such as Tonik, a digital bank in the Philippines and NerdWallet in the US, the company said.
Fintech investments skyrocketing
Meanwhile, Sopnendu Mohanty, the Monetary Authority of Singapore’s chief fintech officer, said in an interview with Bloomberg News that investments in financial technology in the city-state have risen from around $20 million in 2014 to a record $1.1 billion last year, and more was expected this year.
Mohanty said that the environment the country is building would enable fintech players to “find opportunities to see if their early ideas translate into real value in the long run.”
He added that the Monetary Authority of Singapore’s aspirations were to “fortify” the country’s position as a global financial center where incumbent banks and contesting tech firms would compete to provide innovative services to consumers and businesses.
Singapore is nurturing its thriving fintech industry even during the harsh Covid-19 pandemic times and sees more and more investments pouring into financial technology firms this year. The funds are flowing in as the city-state seeks to become a regional hub for capital raising in areas ranging from digital banking and payments to blockchain-based financial services to robo-advisory. But the same works the other way: Singapore is also a center for venture capital companies focusing on fintech investments in the Southeast Asian region and beyond. New venture capital fund for innovative startup In a latest development, Singapore-based venture capital firm...
Singapore is nurturing its thriving fintech industry even during the harsh Covid-19 pandemic times and sees more and more investments pouring into financial technology firms this year. The funds are flowing in as the city-state seeks to become a regional hub for capital raising in areas ranging from digital banking and payments to blockchain-based financial services to robo-advisory.
But the same works the other way: Singapore is also a center for venture capital companies focusing on fintech investments in the Southeast Asian region and beyond.
New venture capital fund for innovative startup
In a latest development, Singapore-based venture capital firm IGlobe Partners launched a new fund which plans to invest $100 million in startups focusing on fintech, among other innovative sectors such as synthetic biology, medtech and smart city technologies.
The firm’s fourth fund, IGlobe Platinum Fund III, will back 15 to 20 startups across Southeast Asia, Europe and the US to fund their growth over the next three years, according to a statement from the company on June 3.
The new fund will back startups such as Tonik, a digital bank in the Philippines and NerdWallet in the US, the company said.
Fintech investments skyrocketing
Meanwhile, Sopnendu Mohanty, the Monetary Authority of Singapore’s chief fintech officer, said in an interview with Bloomberg News that investments in financial technology in the city-state have risen from around $20 million in 2014 to a record $1.1 billion last year, and more was expected this year.
Mohanty said that the environment the country is building would enable fintech players to “find opportunities to see if their early ideas translate into real value in the long run.”
He added that the Monetary Authority of Singapore’s aspirations were to “fortify” the country’s position as a global financial center where incumbent banks and contesting tech firms would compete to provide innovative services to consumers and businesses.
