Regulating FinTech: The Case of Singapore

Abstract

This article critically examines Singapore’s experience in regulating and facilitating the growth of the FinTech sector. Based on empirical data, this article discusses how Singapore has encouraged financial innovation and mitigated new risks brought by FinTech through institutional improvements and regulatory reforms. It also identifies potential regulatory limitations and challenges, and distils the methods to handle them. This article seeks to provide valuable lessons to other countries on how best to improve the regulatory environment for FinTech.