Fintech in Singapore combines a hands-on regulator, real-time payment links across Asia and some of the world’s most advanced experiments in tokenised money. The Monetary Authority of Singapore (MAS) says the city now has more than 1,800 fintech firms employing close to 10,000 people. This guide explains how the Singapore fintech market works in 2027: the licences, the digital banks, the cross-border payment links, the tokenisation projects and where the funding is going.
Facts checked on 15 October 2026. Rules and figures change quickly, so confirm the details with MAS or the source before you act on them. This guide is not legal advice.
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Why fintech in Singapore matters in 2027
Singapore has built its fintech sector deliberately, with the central bank acting as regulator, convenor and investor in shared infrastructure. In August 2026 MAS said the city had more than 1,800 fintech firms with close to 10,000 employees, and S$2.9 billion of fintech investment in 2025, in a release announcing its next grant scheme.
That scheme, FSTI 4.0, commits S$220 million over three years to fintech and innovation in financial services. It runs six tracks, from manpower and institution projects to an AI Pathfinder track and the MAS FinTech Awards, and aims to support at least 1,000 fintech internships (Allen & Gledhill).
How fintech is regulated in Singapore
MAS is Singapore’s central bank and its single financial regulator, so banks, insurers, payment firms and capital markets businesses all answer to the same authority. For most Singapore fintech companies, the key law is the Payment Services Act, which Parliament passed on 14 January 2019.
The Act covers seven payment services: account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment token services and money-changing. It has three licence types (MAS):
| Licence | Who it is for | Key limits |
|---|---|---|
| Money-changing licence | Firms that only change money | Money-changing only |
| Standard payment institution (SPI) | Smaller payment firms | Up to S$3 million a month for any one service, S$6 million across two or more, and S$5 million in daily outstanding e-money |
| Major payment institution (MPI) | Firms above the SPI limits | No volume caps, with stricter requirements |
The scope has widened over time. From 4 April 2024 the Act also covers crypto-token custody, helping customers move crypto tokens between accounts, and cross-border transfers where the money never passes through Singapore (CMS).
For new ideas, MAS has run a FinTech Regulatory Sandbox since 2016. Sandbox Express, for faster testing in preset environments, followed in 2019, and Sandbox Plus took effect on 1 January 2022 (MAS).
Digital tokens and stablecoins
Singapore has taken a cautious line on crypto services aimed at other markets. Since 30 June 2025, Singapore-based firms that provide digital token services only to overseas customers must hold a licence under the Financial Services and Markets Act, and MAS said it “will generally not issue a licence” for that model (Allen & Gledhill).
Stablecoins are treated differently. MAS finalised its stablecoin framework on 15 August 2023. It covers single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency, requires redemption at par within five business days, and lets compliant coins use the label “MAS-regulated stablecoins”.
On 1 September 2026 MAS opened a consultation on amendments to the Payment Services Act to put the framework into law. The draft adds a stablecoin issuance licence, lets MAS designate systemic stablecoins and allows it to recognise some foreign stablecoins (Allen & Gledhill). Comments were due by 16 October 2026, and MAS has not said when the law will pass (Gibson Dunn).
Singapore’s digital banks
On 4 December 2020 MAS awarded four digital bank licences: two digital full bank licences, to a Grab–Singtel consortium and to Sea, and two digital wholesale bank licences, to a consortium led by Greenland Financial and to an Ant Group entity.
- GXS Bank (Grab and Singtel): digital full bank.
- MariBank (Sea): digital full bank.
- ANEXT Bank (Ant Group): digital wholesale bank serving businesses.
- Green Link Digital Bank (Greenland Financial, with Linklogis as a partner): digital wholesale bank.
The names and licence types are confirmed by CNBC. Wholesale digital banks serve small and medium-sized businesses rather than retail customers, which makes them natural partners for fintechs in trade finance and payments.
Cross-border payments: PayNow links and Project Nexus
Cross-border payments are where Singapore fintech has made the most visible progress. PayNow, the national real-time payment system, is now linked directly to several neighbours:
| Link | Partner system | Live since |
|---|---|---|
| Singapore–Thailand | PromptPay | 29 April 2021, the first link of its kind in the world |
| Singapore–India | UPI | 21 February 2023 |
| Singapore–Malaysia | DuitNow | 17 November 2023 |
Sources: the Bank of Thailand and MAS, the joint launch release for India and Bank Negara Malaysia. In November 2025 an MAS managing director said PayNow and QR payments now work in Thailand, Malaysia, Indonesia and India (BIS).
For businesses and consumers, the practical effect is that small cross-border payments that once took days through correspondent banks can arrive in seconds, within limits set for each link. The PromptPay link started with a limit of S$1,000 or THB25,000 a day, and the DuitNow link with S$1,000 or RM3,000 a day.
The next step is multilateral. Nexus Global Payments, a not-for-profit company incorporated in Singapore in 2025, was founded by the central banks of India, Malaysia, the Philippines, Singapore and Thailand to connect national instant payment systems through one network (Bank of Thailand). Bank Indonesia joined as a full member in February 2026 (Bank Indonesia), and a PayNet–NETS joint venture was appointed to build and run the network, with go-live targeted for 2027 (Nexus Global Payments).
Tokenisation and the future of money
MAS has also become one of the most active central banks in testing tokenised finance. Project Guardian began in 2022 to test tokenisation in foreign exchange, funds and fixed income. In November 2024 MAS released Guardian frameworks for tokenised bonds and funds, and banks formed the Guardian Wholesale Network to take tokenisation into commercial use (Allen & Gledhill).
Project Orchid explores how a digital Singapore dollar for the public could work, although MAS sees no urgent need for one, and introduced Purpose Bound Money, a protocol that sets conditions on how digital money can be spent (MAS). On the wholesale side, DBS, OCBC and UOB have completed overnight interbank loans in the first live trial of a Singapore-dollar digital currency for banks, and MAS said it would trial tokenised MAS Bills in 2026 (BIS).
Funding, grants and talent
Funding data for Singapore fintech depends on who is counting. The Global Finance & Technology Network counted US$1.8 billion across 102 deals in 2025, down 4% on 2024, with payments taking about 45% (GFTN). KPMG counted US$499 million across 53 deals in the first half of 2026, down from about US$1.45 billion a year earlier, with a single US$320 million cross-border payments round making up nearly two-thirds of the total (KPMG Singapore). The two use different methods, so compare trends rather than totals.
Support for the ecosystem goes beyond grants. MAS set up the Global Finance & Technology Network on 30 October 2024 to run forums, advisory work, platforms and a capital arm, replacing Elevandi (GFTN). For founders, that means a dense calendar of programmes and investor events in the city.
Setting up a fintech in Singapore: a simple roadmap
Every company’s path is different, but most founders work through the same steps. Use this as a checklist for conversations with your lawyers and with MAS, not as a substitute for them.
- Define the regulated activity. Write down exactly what your product does with customer money, data or tokens, and which of the seven payment services it touches.
- Pick the licence or exemption. Compare your expected volumes with the SPI limits, and check whether your model needs a different licence altogether.
- Decide whether to test first. The sandbox options let you test a new product with limits on customers and volumes before you apply for a full licence.
- Plan banking and compliance early. You will need a bank account, anti-money-laundering controls and technology risk policies before you can serve customers.
- Build for the region. If you serve customers across Southeast Asia, design your payments around PayNow links and, from 2027, Nexus.
How Singapore compares with Dubai and London
Many fintech companies choose a regional base in more than one of these hubs. Here is a quick comparison of the three cities where FinNext runs in 2027.
| Hub | Main fintech regulators | Payment rails to know | FinNext 2027 |
|---|---|---|---|
| Singapore | MAS, a single regulator | PayNow and its links to PromptPay, UPI and DuitNow; Project Nexus from 2027 | 24 November 2027 |
| Dubai | DFSA in the DIFC, VARA for virtual assets, the CBUAE onshore | Aani instant payments, Jaywan cards and Al Tareq open finance | 7 October 2027 |
| London | Financial Conduct Authority and Bank of England | Faster Payments and open banking | 13 October 2027 |
For the full picture on the Gulf, read our guide to fintech in Dubai, and see the FinNext 2027 editions to compare the programmes.
What it means for founders, investors and banks
- Founders: map your product to the Payment Services Act early, and use the sandbox if you are testing something new. If you serve customers abroad with digital tokens, check the June 2025 rules before you set up in Singapore.
- Payments companies: PayNow links and Nexus make Southeast Asia one of the most interesting regions for cross-border payments. Build with real-time rails in mind.
- Investors: funding has concentrated in fewer, larger deals, led by payments. Regulatory clarity on stablecoins and tokenisation may open new opportunities in 2027.
- Banks: tokenised deposits, wholesale digital currency trials and Guardian frameworks are moving from experiment towards production. Partnerships with fintechs will decide who moves first.
Singapore FinTech Festival and FinNext Singapore 2027
November is Singapore fintech’s busiest month. The Singapore FinTech Festival, first hosted by MAS in 2016, runs on 18–20 November 2026 at Singapore EXPO and is organised by MAS and GFTN with the Association of Banks in Singapore. Its 2027 dates had not been announced when we checked.
FinNext Singapore takes place on 24 November 2027, with a programme focused on cross-border payments, digital assets and embedded finance across Southeast Asia and the wider Asia-Pacific region. Many delegates plan one trip to cover several events, so see our list of the top fintech events in Asia-Pacific when you plan.
Get your pass for FinNext Singapore, apply to speak or nominate for the FinNext Awards 2027.
Fintech in Singapore: frequently asked questions
Who regulates fintech in Singapore?
The Monetary Authority of Singapore. It is both the central bank and the single financial regulator, and payment firms are licensed under the Payment Services Act.
Do I need a licence to run a payments business in Singapore?
Usually, yes. Most payment services need a standard or major payment institution licence, depending on volumes, or a money-changing licence. Check the MAS website and take legal advice for your model.
Which digital banks operate in Singapore?
MAS licensed GXS Bank and MariBank as digital full banks, and ANEXT Bank and Green Link Digital Bank as digital wholesale banks serving businesses.
What is Project Nexus?
A network to connect national instant payment systems across countries. It is run by Nexus Global Payments, a Singapore-based not-for-profit founded by five Asian central banks, with Bank Indonesia joining in 2026 and go-live targeted for 2027.
Is Singapore a good base for a fintech company?
Singapore offers a single regulator, clear licensing, sandbox options, grants and real-time payment links across the region, which is why more than 1,800 fintech firms are based there. Costs are high and talent is in demand, so plan your budget and hiring early.
How do PayNow links help businesses?
They let money move between Singapore and the partner country in real time, using simple identifiers such as mobile numbers, within daily limits. Businesses that pay suppliers, staff or customers across the region should check which banks and use cases each link supports.
When is FinNext Singapore 2027?
FinNext Singapore takes place on 24 November 2027. The venue will be announced on the edition page and emailed to registered attendees.