Singapore sees more investments pouring into financial technology firms this year as the city-state seeks to become a regional hub for capital raising in areas from payments to robo-advisory, according to a top central bank official.
Such investments have risen from around $20 million in 2014 to a record $1.1 billion last year, and more is expected this year, Sopnendu Mohanty, the Monetary Authority of Singapore¡¯s (MAS) chief fintech officer, said in an interview.
¡°We don¡¯t have Silicon Valley, but we are trying our best,¡± he said. The environment the country is building enables these fintech players to ¡°find opportunities to see if their early ideas translate into real value in the long run.¡±
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.