Do you need any licenses to start the Fintech Companies in Singapore?

Do you need any licenses to start the Fintech Companies in Singapore?

Singapore is one of the top financial hub centers globally. It is the home for many Fintech companies, which refers to digital technology in the finance sector. Recent reports claim that the country has many Fintech companies that are showing excellent performance. As a result, many people want to venture into the financial sector and start a Fintech company.

Still, they are unaware of what to expect and the legal requirements to start a Fintech company in Singapore? Are any licenses necessary to make your business legit? These are some of the questions that you often encounter regarding Singapore and its financial sector with technology. Fortunately, this article will highlight all the basics you need to know regarding Fintech Companies’ licensing.

Licensing for a Fintech company start-up

The first step to starting a Fintech company in Singapore is to open a firm. Its registration laws are simple, and you can ask for assistance from some advisory firms or company formation agents. After registering your company, the next step is regarding the necessary licenses. Do you need any licenses to start a Fintech company in Singapore? Yes. For a Fintech company to become legit, the management team needs to apply for the operating license. It is a special license under the MAS (Monetary Authority of Singapore) issued to financial institutions that are coming up with innovative technological solutions that will come in handy for the financial sector.

However, the Singapore laws don’t limit the people who can kick off Fintech companies to be financial institutions since it allows IT companies to venture into the sector if interested. IT companies are the centers of innovation in Singapore; hence by enabling them to venture into the Fintech sector, they can develop innovative products to take Singapore’s financial industry to another level.

Aid for Singapore Fintech Companies

Recent reports show that Singapore is among the top countries where people migrate to, especially experts and investors in the financial sector. One of the main benefits is the stable regulatory framework in the industry and the supportive government regarding innovation and economic growth.

Currently, Singapore’s government has set up a great Fintech Companies support system under the Monetary Authority of Singapore. This government arm is in charge of coming up with policies that encourage more people to venture into the business. Over the last couple of years, MAS has set up several assistance schemes to support this sector. They include:

• The Startup SG Tech Program
• The Financial Sector and Technology Innovation Scheme
• Startup SG Founder Program
• Startup SG Tech program

Are you thinking of kicking off a Fintech Company in Singapore? If yes, you can check out some of the schemes above for assistance.

Conclusion

Fintech Companies are something we often come across in the financial sector. It is a combination of technology and financial tools to improve the financial industry. Singapore’s government supports this sector; hence, opening a Fintech company is simple and straightforward.