In a report from The Strait Times, it states that while there were seven deals in the last quarter, in Q2’17, there were only four Singapore fintech deals. The Monetary Authority of Singapore (MAS) has been continuing to push the sector in the country but has changed gears. Now it’s focused on attracting companies to the country and promoting fintech adoption compared to education and innovation.
Mr Chia Tek Yew, the head of financial services advisory at KPMG Singapore, stated, “Over the longer term, MAS hopes to see more fintechs using Singapore as a base to pilot and then deploy solutions into other countries within Southeast Asia, such as Indonesia and Thailand.
In July, it was reported that the Singapore and Thailand central banks had entered a FinTech Cooperation Agreement (CA) to further develop and enhance the existing financial ecosystem in the ASEAN region.