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Population
6M
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Online population
5.7M
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Currency
SGD
Population - 6M
[At the start](https://datareportal.com/reports/digital-2024-singapore#:~:text=Singapore was home to 5.13,percent of the total population.) of 2024, 100% of Singapore’s population lived in urban centres.
**Internet penetration - [96%](https://datareportal.com/reports/digital-2024-singapore#:~:text=Singapore was home to 5.13,percent of the total population.)**
There [were](https://datareportal.com/reports/digital-2024-singapore#:~:text=Singapore was home to 5.13,percent of the total population.) 5.7M internet users in Singapore at the start of 2024
In 2024, Singapore remains one of the leading global hubs for fintech innovation, driven by strong government support, strategic location, and a robust regulatory environment. Singapore's FinTech ecosystem hosts more than 1.6K companies, making it the top player in Southeast Asia.
Singapore-Fintech-Map-2023.avif
Among these FinTech companies, the leading subsectors are payments (with nearly a third, or 31%, of all FinTechs in Singapore belonging to this category), FinTech infrastructure providers (18% of total FinTechs), and regulatory technology (17%). In terms of specific sub-verticals, the leading areas are money transfer and remittances (with around 40 companies), online payment gateways (around 40 FinTechs), and mobile wallets (around 24 companies).
FinTech is so important to Singapore that the government continues to actively support its growth. The Financial Sector Technology and Innovation (FSTI) initiative is now in its third round with FSTI 3.0, launched in August of last year. This phase is providing S$150B over the next three years, focusing on areas such as environmental, social, and governance (ESG) initiatives, promoting the adoption of artificial intelligence (AI) and data analytics (AIDA) among smaller financial firms, and supporting less digitally mature firms in acquiring regtech solutions.
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The FinTech sector in Singapore has also grown organically. **Nium, Thunes** and Aspire, some of the country’s most prominent FinTech companies, have established their headquarters in Singapore. Moreover, many non-Singaporean FinTechs choose Singapore as their regional base, not just for Southeast Asia but for the entire Asia-Pacific region.
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Key organisations supporting Singapore’s FinTech ecosystem include the Singapore FinTech Association, a cross-industry non-profit founded in 2016 to promote the sector. In the broader startup and tech landscape, Singapore hosts at least 300 accelerators and incubator programmes. The country is home to over 4K tech startups and consistently ranks among the top 10 countries in the Global Innovation Index.
In Q1 2024, FinTech investments in Singapore were primarily driven by transactions in the below verticals:
There are, at present over 150 banks, with 6 local banks, 10 qualifying full banks, and 20 full banks operating in Singapore. In addition, there are 96 wholesale banks, 21 merchant banks, and 3 finance companies. The banking landscape also includes 30 representative offices, 1 financial holding company, and 12 SGS (Singapore Government Securities) primary dealers.
