Millions have been invested in fintech by regulators in Singapore and the UK government is supporting the industry, but how different is financial technology in both nations? bobsguide spoke to Steve Leonard, executive deputy chairman at the Infocomm Development Authority (IDA) about the relationship between UK and Singapore startups, what we can expect in the future of fintech and what a Smart Nation truly is.
Earlier this year, a report produced by think tank Z/Yen revealed that London had replaced New York as the world’s leading financial centre, after the Conservative win in the general election and lack of uncertainty regarding taxation. Alongside this, the Innovate Finance 2020 Fintech Manifesto received support from David Cameron, UK Prime Minister, and the city of London established itself as a leading fintech hub.
Alongside this, 40% of the £75 million that was invested into businesses operating in London during the first half of 2015 was directly invested into local fintech. Z/Yen also ranked Singapore as the fourth financial centre of the world but it could soon overtake New York and Hong Kong, as the nation is thought of the fintech leader in the Asia Pacific region.