Singapore Emerges As World’s 4th Best City For FinTech
SINGAPORE – A report by Savills World Research revealed that the city-state is among the top fintech destinations across the globe, reported The Edge on Friday morning (29 September, SGT).
Singapore is ranked 4th in the property consultancy’s FinTech Index after New York, London and San Francisco. The index gauges each city across different components, including talent pool, tech scene, and business environment.
The city-state’s high ranking in Savills’s index comes as Singapore has earned a reputation as the leading fintech hub in Asia. The real estate consultancy underscored that the city annually hosts the Singapore FinTech Festival, which is the biggest event of its kind in the world.
Moreover, Singapore saw the influx of US$34 billion (S$53 billion) in fintech-related venture capital investments from 2019 to 2022. Also, the city’s fintech industry is supported by regulatory stability, with the Monetary Authority of Singapore (MAS) having inked fintech cooperation agreements with other central banks across the globe.
“As a regional financial centre as well as a hub for technology, Singapore has rightly earned its 4th place position within our FinTech Index,” explained Charlotte Rushton, an analyst at Savills Worlds Research.
Meanwhile, New York was ranked number one in Savills’ FinTech Index thanks to being home to the biggest bourse in the world.
“With its intense demand for fintech innovation and the vast capital base investors have in one place, the city performs particularly well for its tech environment and deep talent pool,” noted Savills.
As for London, it clinched the 2nd spot in the index. Apart from being the top city in Europe on the list, Savills said the UK’s capital is home to the highest number of fintech firms in the world. The city also registered the highest number of venture capital fintech transactions between 2019 and 2022.
The property consultancy pointed out that Singapore, New York, and London account for nearly 10 percent of the financial sector’s contribution to the global gross domestic product (GDP), as per data from Oxford Economics. This underscores the dominance of these cities in the fintech sector.