FinTech is more prevalent in our daily lives than you may think. Imagine yourself making a purchase. Now, instead of paying cash from your wallet, you are making the payment with your mobile phone. Through such a simple act, you have become a participant in driving the rapidly growing and thriving FinTech industry.
Financial technology, also known as FinTech, implies the application of digital technology in financial services. FinTech is the future of banking and finance, an exciting and innovative industry on the rise that will bring more technological developments and business possibilities.
Singapore, in particular, is poised to make big strides as a hub for FinTech innovation and lead the way in Southeast Asia as well as globally. Based on the 2021 Global Fintech Rankings produced by analytics firm Findexable and cloud banking platform Mambu, Singapore secured the top spot as Asia Pacific’s leading country in FinTech. It also ranks fourth globally.
Exploring the FinTech Landscape
The simplest way to understand FinTech is to know that it is about using digital Technology to improve and enhance how financial services can be delivered. The services advanced by FinTech include loans, money transfer, payment, wealth management, and many more.
As the access to digital finance increases, so does the demand for a skilled FinTech talent pool. For those passionate about working with new technologies and leading digital transformation, exciting prospects are awaiting in this space. The Singapore FinTech space has been thriving. Over a span of five years, from 2015 to 2020, the number of FinTech firms in Singapore grew from some 100 to over 1,000. These firms account for more than 10,000 employees.
Many FinTech firms choose Singapore as their base of operation because of a highly-skilled talent pool and access to major markets such as China and India, as well as emerging markets from the Philippines to Vietnam. Overall, FinTech is on a high growth trajectory in Asia Pacific.
FinTech’s growth is fueled by transformation through means of cost-saving, digitization and improving efficiency. Singapore’s Smart Nation infrastructure of high-speed internet connectivity and high mobile subscription is a key growth factor. In terms of the trends to watch out for, digital payments continue to be a vital and fast-expanding space while cryptocurrency and blockchain are gaining attention.
Skill Up for FinTech with the Bachelor of Business Studies (Honours) (FinTech) (Top-up) – Awarded by University College Dublin (UCD).
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