Welcome to Singapore—often called Southeast Asia’s fintech powerhouse. With over 1,400 fintech firms attracting more than $5 billion in investments each year, it’s the ideal launchpad into the region’s $72 billion fintech market. Thanks to its strategic location, world-class infrastructure, and pro-business environment, Singapore offers a unique opportunity for Western B2B companies looking to expand.
But success here takes more than just a great product. To thrive in Singapore’s fintech ecosystem, you’ll need a clear go-to-market (GTM) strategy, a deep understanding of the local and regional landscape, and the flexibility to adapt to new challenges. Drawing on five years of experience at The Scale Factory, here’s what we’ve learned about entering this exciting market.
Why Singapore?
Singapore isn’t just a financial hub; it’s a gateway to Southeast Asia’s 680 million consumers. Here are a few reasons why it stands out:
Investment Magnet: In 2022, Singapore received 43% of all fintech funding in Southeast Asia.
Fast-Growing Market: The regional fintech sector is expanding at a CAGR of 17.2% and is projected to reach $150 billion by 2027.
Leading Payment Systems: Digital payment platforms like PayNow and SGQR handle over $200 million in transactions daily—and growing.
Homegrown Unicorns: Over the last five years, Singapore’s fintech ecosystem has produced 10 unicorn startups.
Cracking Singapore’s Regulatory Code
Singapore’s regulatory environment is transparent, business-friendly, and designed to foster innovation. Key frameworks include:
Payment Services Act (PSA): A cohesive framework covering digital payments, e-wallets, and cryptocurrency services.
Fintech Regulatory Sandbox: A testing ground for over 200 companies to trial new ideas without the burden of full compliance.
Variable Capital Company (VCC): Launched in 2020, this framework has attracted more than 700 VCCs, transforming asset management in Singapore.
Engaging with the Monetary Authority of Singapore (MAS) early can also save time—companies have reported cutting licensing timelines by up to 30%.
Strategies for Success
Understand the Market
Singapore’s fintech ecosystem thrives on digital payments, blockchain, and digital banking. With 78% of the population using digital wallets, seamless system integration is essential. Blockchain is also gaining momentum, with half of local banks actively exploring distributed ledger technologies.
Build Local Connections
Partnerships are critical for credibility and speed. Working with local firms can reduce compliance risks, improve market understanding, and help you establish trust.
Tailor Your Approach
Singapore’s nearly 100% smartphone penetration means consumers expect polished, intuitive, and tech-forward solutions. Adapting your product and user experience to local preferences could give you a vital edge.
Tapping Into Government Support
Singapore’s government is deeply committed to supporting fintech growth. Here are a few initiatives to leverage:
FSTI Scheme: Offers up to 70% funding for innovation projects, with over $400 million disbursed since 2015.
SME Go Digital Program: Over 6,000 businesses have used this program to digitize and scale.
Innovation Labs: More than 20 accelerators and hubs are ready to collaborate with market newcomers.
And with go-to-market support from partners like The Scale Factory, you’ll have the resources you need to make an impact.
How The Scale Factory Can Help
Breaking into Singapore’s fintech market can be complex, but that’s where we come in. At The Scale Factory, we’ve helped more than 30 Western B2B companies expand into Southeast Asia.
From crafting disciplined GTM strategies to setting up sales and marketing teams under our Commercialization as a Service (CaaS) model, we’re here to guide you every step of the way. Let’s talk if you’re ready to take the next step!
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