The fintech sector has been growing in Asia and Singapore. However, there is still a lot more room for growth and maturity.
To help accelerate growth of the sector in Singapore, the Monetary Authority of Singapore (MAS) is planning a few things, to make more funding available and also to develop a better talent pipeline.
These plans were mentioned by Ravi Menon, Managing Director of MAS, during the inauguration of Looking Glass@MAS, which is a new fintech innovation lab.
The aim of the lab is to help late-stage startups/companies test their services and products, and also gain access to and work with lawyers, financial institutions and other participants in the sector.
Mr. Menon mentioned that the MAS will be reviewing the regulatory requirements for venture capitalists, to make it easier and more attractive for them to setup shop in Singapore. This should increase the amount of funding that is available to fintech startups.
MAS also plans to work with polytechnics and universities, to ensure that they produce enough ideas and talent to meet the needs of the sector. Other than talent needed to run fintech startups, there is a shortage of good and experienced programmers.
Mr. Menon also said that Singapore lacks experienced mentors in the sector, to drive growth and guide local talent/companies.
So hopefully we will see even more activity and jobs in time to come.
