Capital shift: People taking photographs in front of the Apple Store at Marina Bay. With about 1,500 registered fintech firms, the largest ecosystem in South-East Asia, the city-state is seen as a challenger to leading global fintech hubs in the US and Britain. — AFP
SINGAPORE: Singapore’s financial technology (fintech) market will likely double in size in the next few years as banks and fintech firms leverage each other’s unique strengths, says HSBC executive Shayan Hazir.
Hazir, the bank’s chief digital officer for Asean, believes Singapore’s fintech ecosystem has the potential to reach US$10bil (S$13.2bil) in total investment value in the next three years, up from around US$4.1bil in 2022.
