Singapore the Country that Strived to become a Crypto Powerhouse

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Photo by Joshua Ang on Unsplash

Singapore has gone a total change from just a third-world trading port to a first-world economy, now, 40% of Southeast Asia’s fintech firms have set up base in the Little Red Dot, making Singapore Asia-Pacific’s top-ranking fintech city.

Singapore strived despite the pandemic, millions have been poured into the emerging tech sector over the past year — with a recent S$12 million (US$8.9 million) fund to accelerate blockchain innovation, S$300 million (US$222.6 million) injected into deep tech and S$125 million (US$93 million) to sustain and strengthen fintech capabilities. Even before the pandemic, Singapore already committed S$225 million (US$167 million) in 2017 to bolster the country’s fintech capabilities. The fruits of the government’s early push for innovation resulted in a 10-fold surge in the number of emerging tech companies in Singapore over the past five years, a testament to its status as a fintech hub in Asia.

With the demand for digital triggered by Covid-19, investments into Singapore’s fintech sector amassed to S$371 million (US$275 million) in the second quarter of 2020 alone. People are anticipating that the increase of fintech demand would likely endure through the slow ongoing pandemic.

Being in the core of Asia, Singapore’s controlled yet adaptable crypto-friendly position has helped plant the seeds of crypto’s advancement, giving a road to improvement and development. Particularly with two of the biggest nations in Asia — China and India — forbidding or limiting admittance to crypto, Singapore’s geological position, helpful scene, and abundant freedoms for crypto have additionally solidified its status as an haven for blockchain and crypto companies around there

 

Source: forkast.news

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