Singapore seems to gain from global fintech boom: ACCA report

A new report from ACCA (the Association of Chartered Certified Accountants) showed that Singapore’s fintech sector is seemed to be bearing to grow as competitors across the globe struggle with regulatory challenges and political upheaval.

The report titled ‘FinTech -- transforming finance’ states that regulatory issues in the US and Europe, and the disruption that was caused to London by the Brexit vote, has positioned Singapore at the heart of global growth.

“Singapore's already flourishing FinTech sector may well hugely benefit as other markets face challenges that are providing some push-back to the unbridled growth of Fintech in earlier years,” Joseph Alfred, Head of Policy & Technical, ACCA Singapore said in a release. “Singapore 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."

The report also showed that there are professional accountants who are adapting to and seeing opportunities for expansion in fintech. Also financial professional get an opportunity from the rules facing fintech companies. Singapore’s accounting entities, particularly in multi-disciplinary practices, with accountants and lawyers, will consider harnessing the momentum of growth in the fintech sector in order to expand the support of accountancy services to this sector.

Earlier, Monetary Authority of Singapore (MAS) and the UK's Financial Conduct Authority (FCA) signed a co-operation deal to implement 'the FinTech bridge' for the benefits it can bring to Singapore finance.