Singapore's growing fintech sector displays resilience amid downturn

Surge in digital services use expected to further entrench nation as global hub

Fintech firms in Singapore raised $462 million in equity funding in the first half of this year - 19 per cent higher than in the same period last year, says research unit BCG FinTech Control Tower.
Fintech firms in Singapore raised $462 million in equity funding in the first half of this year - 19 per cent higher than in the same period last year, says research unit BCG FinTech Control Tower. ST PHOTO: YEN MENG JIIN

Fintech in Singapore has shown remarkable resilience even as the economy faces its worst downturn amid the coronavirus outbreak.

The surge in digital services use during the Covid-19 crisis is expected to further entrench the Republic as a global fintech hub.

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A version of this article appeared in the print edition of The Straits Times on July 20, 2020, with the headline 'Singapore's growing fintech sector displays resilience amid downturn'. Subscribe