Dive Brief:
- Singapore has pushed ahead of Hong Kong in the race to be Asa's financial technology hub, Reuters reports.
- A light hand on regulation and state funding are cited as reasons.
- Singapore is pushing hard to grow in the sector as it fights off threats to its longstanding offshore banking industry.
Dive Insight:
Financial tech companies are shaking up the overall financial industry, Reuters notes -- and the regulatory climate (or relative lack thereof) in Singapore is helping the nation on that front.
There's a reason for the push. Singapore is a longtime offshore banking powerhouse, but a money laundering scandal in nearby Malaysia is putting that business under pressure. Meanwhile, Indonesia is pressuring Singapore over money Indonesia feels is being tucked away in Singapore to avoid taxes.
The Brexit vote also might assist Singapore, Reuters reports, as financial technology firms located in London consider whether they will relocate.
