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Fintech Singapore:

Everything you need to know (2023)

Given that Singapore is one of the world’s top four financial centres, it makes sense that they are also blazing the trail when it comes to fintech.

In 2015, the government showed how serious they were about establishing Singapore as a “smart financial centre” when the Monetary Authority of Singapore set aside S$225 million for the development of fintech via the Financial Sector Technology and Innovation (FSTI) scheme. Since then, they have launched initiatives such as Project Greenprint, Projects Guardian, and Dunbar.

Despite the global slowdown in fintech funding, investors in Singapore have gone the opposite direction, extending her global market share in deal value for fintech by more than double in 2022 compared to 2021, according to KPMG.

As Singapore’s fintech landscape continues to grow from strength to strength, we’ll keep updating this page with the latest fintech news, reports, and resources.

What is Fintech?

Fintech stands for financial technology. But beyond simply describing the technology that has powered the financial services industry for centuries, it is an umbrella term for innovative and disruptive technologies and startups pushing the financial services industry to improve and become safer, faster, or more efficient.

Here are some of the financial sectors where the role and impact of fintech are growing daily:

  • Banking
  • Payments
  • Insurance
  • Investments and Savings
  • Lending
  • Remittance
  • Trading

Fintech in Singapore: Leading the Region in 2019

  • In 2019, out of US$1.14 billion (S$1.58 billion) that was raised by fintech startups across ASEAN (as of September 2019), 51% of that went into Singapore [Source]
  • As of June 2022, Singapore is home to 1,007 fintech companies, the highest in Southeast Asia [Source]
  • Fintech investments in Singapore increased significantly in Q2 2022, up 10 percent to an average of US$43.9 million (S$60.1 million) from US$39.8 million (S$54.5 million) across FY2021 [Source]
  • Organized by the Monetary Authority of Singapore (MAS), Singapore Fintech Festival 2021 saw more than 60,000 participants from 160 countries [Source]
  • As of February 2020, MAS has signed 33 FinTech Co-operation Agreements (CAs) with international counterparts [Source]

Notable Fintech Companies and Startups in Singapore


While it started out as a ride-hailing company, Grab has quickly become a fintech giant across the region with its finance and payment solutions. These include its mobile wallet, GrabPay, as well as a suite of financial services launched by Grab’s fintech arm, Grab Financial Group.

Validus Capital

Validus is a P2P lending platform that matches SMEs with individual and institutional lenders. Most recently, it raised S$20.5 million (US$15.2 million) in a Series B funding round, and has disbursed over S$180 million to businesses in Singapore to date.


Founded in 2008, SHIELD provides end-to-end cyber protection for clients that range from e-commerce sites to super apps. It has raised a total of S$35.5 million (US$25.5 million) in funding to date, and its clients include notable names such as Ovo, Razer, and Sea.


Smartkarma is a global investment research network of independent research providers that distributes investment analysis and research to institutional investors. It counts Singapore Exchange Limited (SGX) amongst its investors.

Nium (formerly InstaReM)

Nium focuses on making global money transfers as easy and cost-effective as possible. It recently closed a Series C funding round, bringing its total investment raised to date to S$82.7 million (US$59.5 million). Nium currently covers more than 55 countries across the world.


Founded in 2016, Seedly is a personal finance platform that helps users make smarter financial decisions. While it started out as a expense tracking app, Seedly has since launched a reviews platform for financial products, as well as a personal finance event which had an attendance of over 1,200 Singaporeans. It was acquired by Shopback in 2018.


YouTrip is a multi-currency travel wallet backed by Mastercard that allows travellers to make payment in over 150 currencies. It raised S$35.5 million (US$25.5 million) in 2019 to take its services across Southeast Asia.


StashAway is a robo-advisor that has raised S$28.3 million (US$20.4 million) to date. Since it was founded in Singapore in 2017, it has reached users across 77 countries.

Funding Societies

Funding Societies is a P2P lending platform that was founded in 2015. In 2018, it had over 60,000 lenders on its platform, who have disbursed more than S$145 million to small- and medium-sized businesses across Singapore, Indonesia, and Malaysia. That year, it raised S$34.8 million (US$25 million) in a Series B funding round.

Singlife (formerly Singapore Life)

Singlife is a technology-focused insurer that recently raised a S$125.2 million (US$90 million) investment round, bringing its valuation to S$498.1 million (US$358 million). Singlife’s focus is to make financial products and services more accessible to a mobile-first generation.


CardUp is a payments platform that allows users to make big ticket payments using credit cards where cards are typically not accepted, such as rental and education fees. It raised a US$1.7 million seed round in 2018.


Bambu provides robo-advisor technology to more than 15 financial institutions globally. It raised S$13.9 million (US$10 million) in Series B funding in 2019.


Aspire is a neo-banking platform that helps SMEs to secure working capital of up to S$150,000. As of 2019, it has raised S$57.7 million (US$41.5 million) in funding, and was seeing over 1,000 business accounts being opened per month on its platform.


Silot provides banks with AI-powered solutions to make them smarter and more efficient. Founded in 2017, Silot has raised S$12.2 million (US$8.8 million) to date, and its customers include Krungsri Bank and Nobu Bank.


PolicyPal is a financial planning app that allows users to track all of their insurance policies. It recently raised US$20 million in funding via an Initial Coin Offering (ICO) in 2018.

Tech in Singapore: Everything you need to know
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