Singapore fintechs set sail for overseas markets: MAS

One startup gained access to India's largest bank.

Singapore's own fintech startup, Percipient, have gained access to State Bank of India (SBI), the country's largest bank, after it has delivered a custom-built digital solution for the bank's credit card customers.

For the Monetary Authority of Singapore Chief FinTech Officer Sopnendu Mohanty, this has been a testament of the growing sector, pushing companies to go over boundaries and explore new markets overseas.

“The FinTech ecosystem in Singapore is growing rapidly, and FinTech companies here are working with financial institutions to explore growth into new markets such as in India," Mohanty noted.

He furthered, "MAS is committed to creating a conducive environment for innovation, to enable deeper engagement among the FinTech community and drive stronger demand for FinTech solutions in Singapore and beyond.”

Meanwhile, with the success of the startup's engagement with SBI, Percipient CEO and co-founder Navin Suri said the group is seeking to expand its partnership by demonstrating how the bank can leverage more of the company's innovative big data products and solutions. This would include helping the bank better manage the data from its over 500 million accounts, by avoiding costly data transformations, long hours of processing and multiple failure points.

"Globally, enterprises tap less than 40% of their data due to their legacy systems and IT architecture that is both expensive and complex. With data set to double every 12 months, it's a clear business risk to leave such large amounts of data untapped," Suri explained.

He said it is a must for banks to find more afforable ways to store this data, stating how small and large enteprises have the opportunity to convert their data into their most powerful weapon.

"Our focus is to enable them to do this faster, cheaper and easier,” Suri underscored.