Our website uses  cookies for statistical purposes.

  • 23 New Industrial Road, #04-08 Solstice Business Center, Singapore
  • clients(at)opencompanysingapore.com
  • +65 88364489
Our Articles

Open a Fintech Company in Singapore

Open a Fintech Company in Singapore

Fintech is on everybody’s lips these days as this industry is one of the most prolific segments all over the world, therefore sought investment sectors all over the world. Singapore is on the short list of countries where foreign enterprisers decide to set up financial technology businesses, as this where fintech comes from. With more than 200 banks operating here, Singapore has established itself as a fintech hub in Southeast Asia. Moreover, the government is committed in spending 225 million SGD in the following years on the development of fintech systems and the attraction of new companies and talent interested in this sector.

If you want to open a fintech company and need assistance, our Singapore company formation specialists can offer detailed information on the laws you need to comply with.

We have also prepared a video on how to establish a fintech company in Singapore in 2024. Please watch it below:

Company registration in Singapore

The first step to create a fintech business is to open a company in Singapore. The registration process is quite simple and can be handled by our company formation agents in Singapore.

Following that, the fintech company must obtain the operating license, which is a special license issued by the Monetary Authority of Singapore to banking and insurance institutions developing innovative solutions which will be employed in the financial industry. However, not only financial companies can create fintech solutions, as IT companies are the engine of the innovation sector in Singapore.

Our company formation consultants in Singapore can help you set up an IT or a fintech company in the city-state.

Assistance for fintech companies in Singapore in 2024

As mentioned in the beginning, the government through the Monetary Authority has committed to invest in the fintech sector in Singapore which is why it has enabled several assistance schemes, among which:

  • the Financial Sector and Technology and Innovation scheme;
  • the Startup SG Accelerator scheme;
  • the Startup SG Tech program;
  • the Capabilities Development Grant;
  • the Startup SG Founder program.

The Singapore fintech market

The fintech industry in Singapore is often described as diverse and complex by larger economies, such as Canada. At the end of 2023, the city-state had no less than 1,600 active fintech businesses. Also, on average 3.7% of the solutions related to financial services queries were delivered by fintech enterprises.

Fintech companies in Singapore target both business-to-business (B2B) and business-to-client (B2C) segments, and they are divided into:

  • around 496 companies operating as payment service providers;
  • approximately 40 companies operating as money transfer and remittance businesses;
  • approximately 40 entities operating as online payment gateways.

For full information on the requirements related to opening a fintech company in Singapore in 2024, please feel free to contact us. You can also rely on our company formation advisors in Singapore for assistance with the company incorporation procedure.