Abstract: In the recent decade or so, Singapore has continued to introduce policies and measures to encourage fintech innovation, so that it has gradually become an international fintech center with considerable attraction, Its practices as well as the phenomenon of the fintech development have a revealing effect on China. As an observer of the 2023 Singapore FinTech Festival, I have seven thoughts.
1.FinTech companies in Singapore and nearby countries and regions have primarily developed by focusing on exports to China.
2.The recent expansion of these FinTech companies overseas reflects a miniature version of Chinese businesses going global. It represents an extension of the industrial chain rather than a shift.
3.Chinese FinTech companies expanding abroad have significantly increased the popularity of the Internet and FinTech in those areas. However, these companies are still in the early stages of understanding and adapting to local laws, culture, and customs.
4.The regulatory approach of governments in Singapore and Southeast Asian countries is cautious, learning from both China and the United States.
5.The main applications of FinTech in Singapore and neighboring countries are concentrated in payment settlement, infrastructure, and micro-loans, lagging a few years behind China in terms of development level.
6.Effective financial regulation can prevent and mitigate risks to some extent but cannot eliminate them.
7.A common issue in Singapore, China, and other places is the lack of coordination between technology companies and financial institutions in digital transformation partnerships.
