Singapore capitalising on growing fintech remittance industry

Interest in fintech remittance companies has been heating up globally in the past couple of years, notes Vertex Ventures, with the big players raising nearly US$600 billion worth of funding worldwide since 2016.
Interest in fintech remittance companies has been heating up globally in the past couple of years, notes Vertex Ventures, with the big players raising nearly US$600 million worth of funding worldwide since 2016.ST PHOTO: KELVIN CHNG

New high-tech players with their low fees and virtually instant mobile transactions are shaping up as one of the most disruptive forces in the financial industry.

And Singapore is capitalising heavily on this trend, buoyed by its large migrant workforce and a sizeable contingent of Singaporeans working overseas and expatriates posted here, said industry observers.

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A version of this article appeared in the print edition of The Straits Times on December 27, 2018, with the headline 'S'pore capitalising on growing fintech remittance industry'. Print Edition | Subscribe