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1. FinTech in Singapore Is All Set for Open-
Banking Environment
BANK

2. • Over the past few years, banks and FinTechs are building solutions to transform the way banks, customers, and
FinTechs can interact with each other. However, these efforts have been accelerated by the regulations imposed
by regulatory authorities around the world. And the same goes for Singapore.
Due to early adoption in Europe, especially the UK, the effectiveness of the open-banking environment is
notable over there. The Europe’s PSD2 regulation requires all financial institutions within the country to share
the customer data with third-party financial service providers via API infrastructure. By utilizing the data, third-
party financial service providers and industry newcomers can tailor-made services for the customers.

3. Open Banking in Singapore - The FPDS
The Monetary Authority of Singapore aka MAS, is a leader when it comes to keeping the banking
and finance industry upfront in Asia and beyond. MAS is the reason behind the recognition of
Singapore’s banks getting recognized at the international platforms.
Singapore has a strong foundation for open banking. APIX, a n API guidance and
collaboration platform that MAS launched in 2018 to pave the way for an open banking
environment in Singapore, is encouraging banks to organically open up their data and services.
Banks are supporting open banking in Singapore. By either building their own marketplaces or
embedding themselves into third-party ecosystems, banks in Singapore are utilizing open banking
APIs. For instance, DBS bank’s developer portal has more than 200 APIs that FinTechs like
GrabPay and PropertyGuru can utilize for payment and loan innovation.

4. Current State of the FinTech Landscape in
Singapore
Panedemic Showed an
Positive Impact on
FinTech Investments
Singapore Has More
Diversified Market

5. The Top 8 FinTechs in Singapore

6. Everex
Validus
Capital
Founded in 2015, Validus Capital is a peer-to-business lending platform for
small and medium enterprises. The Monetary Authority of Singapore (MAS)
issued them the licence for capital market services in december 2017.
Recently, the startup announced that they’ve raised $15.2 million as series B
funding from FMO, Netherlands’ bank.
Everex is a blockchain-powered cross-border money transfer platform that
focuses on serving migrant workers (international remittance), digital
nomads, tourists, permanent travelers, and international students that are
mostly underbanked.The platform offers the users with cryptocurrency that
operates on the Ethereum blockchain platform. The last known price of
Everx is $1.21518197.

7. Founded
Here
Better
TradeOff
(BTO)
Founded in 2015, BetterTradeOff is a FinTech platform that aims to make
financial planning possible for everyone. The platform uses artificial
intelligence and advanced statistical models to help individuals make
intelligent financial decisions.the platform is now available in Asia, Middle
East, and Europe.
Launched in 2015, FundedHere is a Singaporean lending-based
crowdfunding platform that facilitates funding and venture capital for
startups. Startups only get an opportunity to raise funds when they’re
approved by fundedHere the platform charges 3-8% for every successful
campaign.

8. Silent
Eight
Policy Pal
As the name suggests, PolicyPal is a mobile app that allows users to
search, compare and buy insurance policies. Of the all three funding rounds,
the last one was an ICO (Initial Coin Offering) executed in 2018. They
named the coin as PAL which was launched to address the key issues with
both crypto assets and insurance.
Silent Eight is an AI-powered RegTech startup that is backed by renowned
venture capitalists from Silicon Valley and Singapore. The startup is focused
on helping banking and financial institutions combat terrorism financing and
money laundering. Silent Eight makes use of AI, ML, and NLP (Natural
Language Processing) to help banking and financial institutions curb frauds.

9. InstaReM
SmartKarma
SmartKarma is an investment research network that provides investment
insights into the global market. The platform acts as an unbiased information
source with primary focus on the Asian market. However, the company has
also expanded its reach to European and American markets to help the
global pool of investors.
Founded in 2014, InstaReM primarily caters to the remittance needs of
individuals and businesses. The platform provides fast, secure, and most
importantly, cost-effective international remittance transfer services.
However, for businesses, the company has a separate platform named
MassPay. This platform helps corporates and SMEs to reduce their cross-
border money transfer cost by up to 80%.

10. About Us
• We are experts in mobile app development and design best in class software architecture to
ensure your project success. We make use of the latest technologies to drive disruption in
several industries including Finance and Healthcare.
• Having in-depth experience of 3+ years in mobile and web app development, Nimble
AppGenie is recognized as award winning mobile app development company globally.
• Our expertise team of 49+ developers, coders, and testers will help you to build latest
customized solutions that will help you to prepare a road ahead to mold your ideas into
reality.
• If you are a start-up with some awesome business ideas, then we can help you to kick start
your business, or if you are a well settled firm and looking for brand promotion, then we can
help you get increased customer engagement on your business.

11. Why We Choose
• With in-depth knowledge of latest trends and technologies of IT sector, Nimble AppGenie is
renowned as top IT company globally. We are committed to delivery top-notch result-oriented
solutions to our broad-ranging clients. Our team of expert developers, coders, testers, and
designers have successfully delivered over 350+ projects worldwide.
• We trust in providing quality work and solutions to our clients, so we never compromise with
our work process. With our delivery centers located in USA and UK, our aim is to be the No. 1
IT company by creating extensible and seamless solutions for various business niche. Nimble
AppGenie has been reviewed as top iOS development company in London by Clutch and we
are also listed by GoodFirms and AppFutura as top iOS developers.

12. INQUIRE NOW
Read- https://www.nimbleappgenie.com/blogs/open-banking-in-
singapore
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