The Singapore government is launching a dedicated office designed to help fintech startups set up in the country.
The office, described as a one-stop service for fintech startups, is part of the SG-Innovate initiative announced in the March budget speech by finance minister Heng Swee Keat as Singapore steps up its plan to promote itself as the leading fintech hub in Asia.
Banks such as HSBC, UBS and Standard Chartered have already set up fintech hubs in Singapore. However, the country and Asia-Pacific in general lags behind the UK in terms of its fintech market. According to a report from EY, London has more people working in fintech than Singapore, Hong Kng and Australia combined.
SG-Innovate will be headed by Steve Leonard, executive deputy chairman of Infocomm Development Authority, who will work alongside the Monetary Authority of Singapore's chief fintech officer Sopnendu Mohanty to run the venture.
Mohanty had earlier this week called on Singapore's banks to collaborate more with fintech startups. "Fintech frms are not here to challenge you. They are here to partner you," he said.