Singapore Fintech Startups – Startup Scene in Singapore
Singapore has always been the financial hub of APAC, and is now one of the best destinations for Singapore Fintech startups due to:
- rapid growing economies
- richness of skilled resources (much needed for start up)
- support from the government where numerous schemes and initiatives have been established to encourage entrepreneurs and venture capitalists to set up shop there 
- Wide range of Venture Capital available for startup. Here are some of the VC in Singapore, namely: Monk’s Hill Ventures, NSI Ventures, Far East Ventures and Golden Gate Ventures
- ‘the world’s easiest place to do business’
These have attracted many Singapore Fintech starts ups, incubators and accelerators (for a list of accelerators, please click here) to Singapore in recent years, creating a strong start up eco-system. Venture capital invested in Singapore Fintech startups by funds in 2013 totalled of $1.71 billion.
On the other side, there are several draw backs to launch your start up here in Singapore in the Fintech industry which needs to be carefully considered.
- Cost of living is very high, voted to be the most expensive city in the world in 2015. Start ups usually don’t have much working capital to work with, so plan your finance well
- Singapore has a strong eastern culture and mindset. Do your home work to ensure the idea can be adopted to work in Singapore / APAC
- Technology and internet uptake are lower than western countries, especially since banking infrastructure is still catching up
With careful planning and research, I think Singapore is a great place for start ups and for prospective Fintech companies and that is why we have packed our bags from London and set up InvoiceInterchange in Singapore.
Nalinee Chinowuthichai is the co-founder of InvoiceInterchange, Singapore’s invoice trading platform, where SMEs can flexibly manage their cash flow by selling invoices to a network of investors who compete to provide cash advances.