What gives Singapore edge among global FinTechs?

It has already gained the support of the government.

Singapore's lucrative FinTech sector is poised to grow as rivals around the world struggle with regulatory challenges and political upheaval.

Association of Chartered Certified Accountants (ACCA) Singapore Policy & Technical Head Joseph Alfred said Singapore's already flourishing FinTech sector may hugely benefit as other markets face challenges that are providing some push-back to the unbridled growth of Fintech in earlier years.

"While Silicon Valley offers the US banking industry a significant head-start in adopting new technologies, progress has been slowed through legislative and licensing hold-ups. Meanwhile, the potential for UK banks to lose their passporting rights following the vote to leave the European Union poses real uncertainty about the future of FinTech in London,” he explained.

The ACCA report, FinTech - transforming finance, revealed that regulatory issues in the US and Europe, as well as the potential disruption caused to London by the Brexit vote, positions Singapore at the heart of global growth in the sector.

“Singapore, on the other hand, is benefitting from a supportive regulatory framework and extremely high digital capacity, which means there is a potential for her to become the regional hub for Asia-Pacific and beyond,” Alfred said.

To recall, a co-operation deal was signed earlier this year between the Monetary Authority of Singapore (MAS) and the UK's Financial Conduct Authority (FCA). It has been dubbed 'the FinTech bridge' for the benefits it can bring to Singapore finance.

The report noted that this agreement sets out how two authorities can share knowledge about engagement with certain types of company and co-design innovative approaches that help nurture, develop and internationalise FinTech businesses