A recent report by BVI Finance reveals that an overwhelming 95% of fintech companies in Singapore consider cross-border expansion vital to their growth strategy over the next five years. The “Destination Digital” report, based on a survey of 451 global fintech executives, highlights the importance of accessing new markets, leveraging economies of scale, and attracting fresh talent and investment as key drivers for this strategic focus.
The report also uncovers that 41% of global firms in Singapore identify blockchain or distributed ledger technology (DLT) as central to their operations. Furthermore, 47% of fintech leaders in the region cite economic sanctions and access to finance as significant trends impacting their businesses.
Additional findings specific to Singapore indicate that 68% of fintech businesses already utilise an international finance centre (IFC). Meanwhile, 48% of firms prioritise the adoption of new technologies to enhance efficiency, marking it as a top investment focus. Moreover, 29% of companies find access to international markets and banking services crucial for their operations.
Elise Donovan, CEO of BVI Finance, is available to discuss these findings further, particularly in relation to Singapore’s fintech landscape. The report underscores the strategic importance of international expansion and technological adoption for Singapore’s fintech sector, suggesting a dynamic future for the industry.
