In 2019 Singapore made a number of accomplishments in digital innovations by implementing technological innovations in various sectors.
Singapore’s fintech sector has so far attracted international attention from investors. Accenture reports that the total amount of money collected in the nine months period increased to $735 million from $435 million.
By the end of September, fintech exceeded $642 million in fundraising.
It is excepted that the country’s fintech sector will keep on growing this year as the implementation of Singapore’s
Payment Services Act brought a refreshed attention to the state as a hub for the cryptocurrency and fintech industries.
Sukhi Jutla, who is the chief officer of MarketOrders, described the PSA as the move to increase the fintech community.
She added that the country had long been one of the leaders in doing business, and it was benefitting from its strategic location.
Sukhi Jutla has also noted that adopting decent legislation for crypto space will result in creating an appropriate environment for customers in fintech and cryptocurrency.
The country also joins Malta, Switzerland and Gibraltar states that are trying to provide clear regulations.
The PSA which came into force this year brought cryptocurrency-related businesses under the jurisdiction of the Monetary Authority of Singapore.
The legislation was created in consultation with digital asset service providers, and the MAS is looking forward to offering these providers advice to support compliance.
Singapore has managed to provide successful ground for crypto industry flourishment and further attracting of crypto businesses.
Prior to the PSA, the country had Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act.
The PSA was the main reason that Sydney-based cryptocurrency exchange Independent Reserve expanded its trading services in Singapore. Moreover, Malta-based cryptocurrency exchange Binance has also applied to register for the license associated with the PSA.
There are expectations that more and more crypto companies will enter Singapore. Sarah Amundsson, who is a Senior Business Developer at Shufti Pro, noted that the PSA would increase confidence and incentivize other platforms to work in Singapore. More companies will be adamant about bringing their resources to Singapore.
It is an excellent move for Singapore to adopt new technologies while they are still young. From time to time, fintech is becoming incredibly popular across the world, so many countries are starting to develops this field as much as possible. The region itself is very active with digital consumers and services, thus most Asian countries prefer financial services provided by fintech communities over banks due to their convenience.