Singapore, Chongqing Collaborate on FinTech Solutions
Monetary Authority of Singapore (MAS) managing director RavI Menon announced at the inaugural Singapore-China Financial Summit that Chongqing and Singapore will be working together on FinTech solutions to make Southern Transport Corridor (STC) hassle free, safe and cost efficient for stakeholders.
Menon also remarked that if the current trade conflict persists, investments would seriously be hit as declining confidence may prompt global businesses to scale back investments which will reduce productive capacity, delay technological upgrading, and compromise productivity growth.
According to UOB, around 39% of all ASEAN fintechs are located in Singapore, and 28% of the payment fintech startups in the ASEAN region are now located in the city-state as of 9 October 2017.
Source: Singapore Business Review