With the Monetary Authority of Singapore’s issuance of the digital bank license later this year, technology firms and non-banks, in sectors including P2P lending, F&B, and gaming. Last 90 Days: $ 2.863,39m. How Can Singaporeans Safely Invest in P2P Lending? US-based P2P lending platform Kabbage, ... the financial regulator is concerned that investors might take on more risk than they realize and has recently suggested a ban on P2P lenders directly marketing to less sophisticated investors. [13] Moneylenders Act 2010 of Singapore, sec. Financial Technology, or FinTech, first flourished during the Internet explosion in the early 2000s when e-commerce models were the rage. This accreditation provides a regulated environment to protect stakeholders involved. In the UK there is very little barrier to entry and so a thriving p2p lending environment has flourished. Total Funding: $ 122.900,93m. Achieving this recognition in just five years of its entrance into Singapore, it is clear that this previously unheard of method of lending is steadily surfacing into the mainstream. In 2015, the Monetary Authority of Singapore (hereinafter referred to as “MAS”) has committed two hundred twenty five million Singapore Dollar (around 166 million USD) to support the development of Fintech industry for the startup ecosystem in the upcoming years[1]. P2P lending in Singapore. Which P2P Lending Companies are Profitable? From this reason, enhancing the competitive capacity of Singapore SMEs is essential for Singapore economy development. [7]  The Second Reading Speech by SMS Assoc Prof Ho Peng Kee on the Moneylenders (Amendment) Bill , Ministry of Law Singapore, https://www.mlaw.gov.sg/news/parliamentary-speeches-and-responses/second-reading-speech-by-sms-assoc-prof-ho-peng-kee-on-the-moneylenders-amendment-bill.html (last visited Feb.18, 2016). , making it not only a crucial market to serve but a lucrative one. Only 100 P2P lending platforms are expected to qualify for new licences under the new registration system set to be introduced later this year. In the recent years, there are some crowdfunding platforms have been established in Singapore, which are reward based and donation based crowdfunding; however, there is no equity-based/security-based crowdfunding platform that already launched their business in Singapore. Fintech / Regtech S. Korea Tightens P2P Lending Limits to Guard Against Defaults. Since then the peer-to-peer market has grown, bringing in many newcomers including platforms with more complex business models and a variety of different asset classes, ranging from high value loans like property development to smaller, personal loans, like Zopa offers. Singapore’s banking regulations are the reflection of English laws. financial institutions like banks) and allows very young companies or SMEs with a … P2P lending is fully digitised and can disburse business loans to SMEs in as quickly as 24 hours, often to the relief of business owners. Coupled with many industry players’ desire to grow headcount by. 1. Peer-to-Peer (P2P) lending is FinTech that at its core uses cutting edge technology to connect borrowers with investors via a single digital platform. The path of FinTech in Singapore is not slowing down even amidst the current economic downturn. We have done extensive research and gathered all the essential information. It has since evolved into the sophisticated use of specialised software and algorithms to automate the delivery of financial services and optimise operations for businesses and consumers alike. P2P Lending Regulation Singapore The Monetary Authority of Singapore (MAS) has taken steps to regulate the P2P lending industry. Using a comparatively more flexible credit underwriting approach, FinTech platforms help SMEs to build a reliable credit track record, setting a strong foundation for them to take bigger loans from big banks in the future. Specifically, the P2P lending business needs to prepare and register a prospectus with MAS in accordance with Section 239(3) of the SFA. Additionally, for facilitating the establishing of security based crowdfunding in Singapore, the consultation paper was issued by MAS on 16th February 2015 for public hearing. If you invest in loans, you might have noticed that several P2P platforms have applied for an investment brokerage license. This means that SMEs with no to low credit track record can take a loan as long as the business owner has a clean personal credit record and the business has a strong pipeline of accounts receivables. What is P2P Lending. The nation has been quick to set in place clear P2P regulations and a strong legal framework, making room for disruptive technologies to collaborate with existing banks in an efficient and well supported space. Vietnam is still being a passive player. BOT Launches Regulatory Sandbox for P2P Lending Platforms. Why P2P lending will continue to succeed: Opportunities. [4] Gardner J., Regulating Money Lending in Singapore: Looking at All Sides, http://law.nus.edu.sg/cbfl/pdfs/reports/CBFL-Rep-JG1.pdf (last visited Feb.18, 2016). In line with Government efforts, SME P2P lending is set to amplify, with intra-trade transactions as one of its priorities especially amidst uncertainties from the ongoing US-China trade war. This ensures P2P investors do not take risks beyond their actual capacity and that the… Browse through the most visible platforms using IDR, ILS, JPY, SGD, KRW & much more! In that way, the traditional financial intermediaries such as banks are made redundant. Using a comparatively more flexible credit underwriting approach, FinTech platforms help SMEs to build a reliable credit track record, setting a strong foundation for them to take bigger loans from big banks in the future. Peer-to-Peer (P2P) lending is FinTech that at its core uses cutting edge technology to connect borrowers with investors via a single digital platform. Skip to content. It is grossly underserved yet, SME contribution to the ASEAN gross domestic product (GDP) is, . According to the CEO of Tomochain, Long Vuong, the P2P lending feature does not require a trusted custodian and there will be no information assymetry. P2P lending has disrupted the lending landscape as we know it, offering infinite value to segments of the market that traditional financial institutions cannot serve. The business model allows lenders and borrowers to link up via an online platform. Unlike traditional financial institutions whose credit underwriting approach is financial and asset-based, FinTech lenders determine their borrowers’ creditworthiness by their business data and cash flow. The nation has been quick to set in place clear P2P regulations and a strong legal framework, making room for disruptive technologies to collaborate with existing banks in an efficient and well supported space. Regulators face a tough balancing act between over-regulating and, hence, stifling P2P platforms and at the same time preventing scams or improper lending. Indonesia, Malaysia and Singapore have clear regulations on P2P lending, which have encouraged the setting up of more than 40 P2P lenders in the past two years. P2P lending caps are being lowered to protect investors against potential … Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to share on Skype (Opens in new window), P2P Lending's Growing Potential in Singapore, P2P Lending’s Growing Potential in Singapore. This will affect many of existing P2P lending platforms such as MoolahSense and Capital Match which have the main function to help businesses to find loan from investors because some of P2P lending platforms are using a promissory note exemption without a Capital Market Services (CMS) license; however, MAS will make it easier for licensed P2P platforms. Licensed P2P lending operators must have a Capital Markets Services License and will have to comply with the controls and disclosures required of it under the MAS Circular No. Some of the P2P lending companies in Singapore engage with MAS-regulated trustees to hold escrow funds. With the Monetary Authority of Singapore’s issuance of the digital bank license later this year, technology firms and non-banks in sectors including P2P lending, F&B, and gaming will soon be able to offer banking services under a consortium. The city state’s three major alternative finance players are peer-to-company (P2C) lenders which specialize in providing loans … Today, P2P lending is no longer a nascent industry in Singapore, having gained much traction in the past couple of years. In Singapore, P2P sites mostly just loan money to businesses (this is less risky). When the FCA set its first rules for P2P, it committed to keep these under review as the sector evolved. 289) (SFA) and the Financial Advisers Act (Cap. Crowdfunding is a new phenomenon in Singapore. Briefly, the act requires moneylenders to hold the Moneylenders license with obligations and limitations for licensee[9]. Gone are the days where money can only be accessed under a bureaucratic set of credit standards. 10 Tips for New P2P Lending Investors – How to start, Prelaunch Seedrs Pitch Notification – Invest into Equity Crowdfunding Early. [10], 2.2 The Regulatory Framework for Peer to Peer Lending Business. In the recent years, it is inevitable that the financial technology or Fintech takes the significant role toward the evolution of financial services industry in this region. P2P Lending License 2021. Specifically, the P2P lending business needs to prepare and register a prospectus with MAS in accordance with Section 239(3) of the SFA. Validus is one of the big boys when it comes to P2P lending in Singapore, so if this is your first time investing, you can forget about using them, as only accredited investors need apply–for individuals, that means having assets of at least $2 million or annual income of at least $300,000. In the early days of p2p lending there was more competition but only two companies survived the SEC registration process so it is still a deterrent. In general, money lending in Singapore is mainly regulated by the Moneylenders Act 2010 and the Moneylenders Rules 2009. P2P-Banking.com takes no responsibility for any claims or statements made in these posts. Disclaimer: All third party trademarks product and company names are trademarks or registered trademarks of their respective holders. Overview of P2P Lending in Singapore. In a recent research report by the Cambridge Centre for Alternative Finance in collaboration with Asian Development Bank Institute and FinTechSpace, over 30% of the 208 surveyed FinTechs within the ASEAN region operate on the Digital Lending business model – the most popular model – beating out first and second runners-up like Digital Payments and Capital Raising Crowdfunding. For many, and in particular the F&B enterprises, cash is king. Singapore has regulations in place and P2P lending from individuals to other individuals will most likely fall under the purview of the Money Lender’s Act. Business owners who often find themselves in urgent need of financing but with little time to spare no longer need to submit stacks of documents or queue up at a bank branch to apply for loans, both of which are cumbersome and outdated undertakings. in funds from venture capitalists mid this year, it is clear that experts see the potential in the country, proving that in spite of the pandemic – or perhaps, because of it – the sector is set for a long and exciting journey ahead. Use of them does not imply any affiliation with or endorsement by them. Not only that, Funding Societies launched secured & guaranteed property-backed investment products in 2020 to provide additional level of security for investors during uncertain times. This is another key different of money lending law of Singapore compared to other countries in Asia such as Hong Kong which focusing more on lending activity[8]. Invoice trading Describe any specific regulation of invoice trading in your jurisdiction. Even it is too early to decide whether crowdfunding will be successful in Singapore or not, but the recognition of MAS is a good sign which can reflect the promising of crowdfunding development in this country. Pawee is a former legal officer of the Supreme Court of Thailand. This technology-driven method of lending has roots in the United States, United Kingdom, and other parts of Europe, while taking root locally and across Southeast Asia in the, Today, P2P lending is no longer a nascent industry in Singapore, having gained much traction in the past couple of years. In addition, not only the registration of the prospectus but also the P2P lending platform need to follow the licensing requirements, particularly, the P2P lending business which fall within the scope provided by MAS needs to hold a Capital Market Services (CMS) … 2.1 Background Generally, there are many peer to peer lending platforms in Singapore; however, they normally lend money to businesses rather than individuals due to the strict regulation for money lenders. IN SINGAPORE, CALM WATERS. Peer-to-peer (P2P) lending is the practice of lending and borrowing money without using an official financial institution as an intermediary. will soon be able to offer banking services under a consortium. 3.1 The Regulatory Framework for Security-based Crowdfunding Business. It's an alternative method of financing which cuts out the middleman (eg. Following consultation, the Financial Conduct Authority (FCA) is introducing rules designed to prevent harm to investors, without stifling innovation in the peer-to-peer (P2P) sector. In recent years, peer-to-peer (P2P) lending technology has taken root in Asia, particularly in China, Singapore, and Indonesia, and the P2P market is continuing to expand significantly. With P2P lenders mushrooming across Singapore over the past few years, small and medium enterprise (SME) owners find themselves presented with more accessible sources of funding that are also tailored to their specific needs. Details in the Bitcoin news from Singapore show that the exchange boasts a reported speed of 2,000 transactions per second. Peer-to-peer (P2P) lending enables individuals or small companies to obtain loans directly from other individuals. This is a guest post by Pawee Jenweeranon, a graduate school student of the program for leading graduate schools – cross border legal institution design, Nagoya University, Japan. Singapore also does not have a large enough market size to scale easily within the domestic scene. (2.1) The MAS consultation paper proposed to reduce the above mentioned burden, specifically, the base capital requirement will be reduced to fifty thousand dollar Singapore (around 40,000 USD)[14] and the requirement to maintain a security deposit will be removed. As FinTechs, P2P lenders simplify the loan application process by making it entirely digital. SMEs are a niche segment of the market with many pain points that P2P lenders had set out to serve. According to the Global SME Finance Forum, the SME funding gap throughout Southeast Asia stands at US$300 billion today. 289) (the “SFA”) … 2. Last Month: $ 1.205,46m. Singapore’s strong reputation as an established regional financial hub also attracts foreign firms to make the country home to their regional headquarters. [9] Moneylenders Act 2010 of Singapore, sec. This translates to a potential to lift the ASEAN GDP by US$1 trillion, making it not only a crucial market to serve but a lucrative one. From the economic perspective, Small and Medium Enterprises (hereinafter referred to as “SMEs”) are important part of Singapore’s economy. The path of FinTech in Singapore is not slowing down even amidst the current economic downturn. P2P lending is not a new concept (companies like Zopa in the UK and Prosper and Lending Club in the US have been around for over a decade) and was fostered in the years following the 2007-2008 financial crisis when technological advances were creating new opportunities for P2P lending while banks were tightening their lending practices. Coupled with many industry players’ desire to grow headcount by 25-50% in the next 36 months, and Government programmes to hone FinTech skills, the Singapore FinTech sector is set to thrive with a large talent pool. FinTechs were initially thought of as competitors to traditional financial institutions but this unexpected relationship in which incumbents and FinTechs coexist and complement each other is particularly defined in Singapore. 5(1). [3] Annual Report 2011/12, SPRING Singapore,  http://www.spring.gov.sg/About-Us/Documents/FV_ar2011_2012/web/flipviewerxpress.html  (last visited Feb.18, 2016). Fundraising from the public through lending-based crowdfunding, or P2P lending, is regulated by MAS under the Securities and Futures Act (Cap. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.async=true;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); All posts represent the opinion of the individual authors. [2] Pond K., Bank Lending Operations in the SME Market – A Case Study from Singapore, http://www.wbiworldconpro.com/uploads/singapore-conference-2014/banking/1408440853_609- Pond.pdf (last visited Feb.18, 2016). Personal relation with banker at the time of seeking loan are considered as a contract between borrower and the respective banker. His research interests include internet finance and patent law in the IT industry. Hence, you get a better idea of how the upcoming P2P lending regulation in Europe is going to impact your investments. [10] Consultation Paper : Facilitating Securities-Based Crowdfunding, Monetary Authority of Singapore, http://www.mas.gov.sg/~/media/MAS/News%20and%20Publications/Consultation%20Papers/Facilitating%20Securities%20Based%20Crowdfunding.pdf (last visited Feb.18, 2016). With P2P lenders mushrooming across Singapore over the past few years, small and medium enterprise (SME) owners find themselves presented with more accessible sources of funding that are also tailored to their specific needs. In other words, Fintech normally be used to improve the financial industry services. In general, due to the characteristic of security based crowdfunding which involves an offer of security, the Securities and Futures Act (Chapter 289) (SFA) require the company which wants to make offering of its shares (the issuer company) to register with the MAS. The aforementioned information regarding SMEs in Singapore reflects that the security base crowdfunding might be used as a supportive mechanism or an alternative method for raising fund especially for the SMEs which cannot get funding support by the government. P2P lending is not for everyone. SMEs are a niche segment of the market with many pain points that P2P lenders had set out to serve. SMEs account for 99 percent of all registered enterprises in Singapore[2]. Following the regulatory lead of other nations will prevent Vietnam from emerging as a fintech leader and capitalising on the economic opportunities that come with it. P2P lending platforms facilitate P2P lending by connecting and matching the borrowers to the lenders. 1.1K . June 9, 2020. Reported to have raised over. In ASEAN, peer-to-peer (P2P) lending is forecast by Allied Market Research to grow at a compound annual growth rate of 51.5 per cent to 2022. Instead, they can complete this process from the comforts of their homes and with a few clicks on their computers. [1] The Future of FinTech A Paradigm Shift in Small Business Finance, World Economic Forum,  http://www3.weforum.org/docs/IP/2015/FS/GAC15_The_Future_of_FinTech_Paradigm_Shift_Small_Business_Finance_report_2015.pdf (last visited Feb.18, 2016). Direct match between lenders and borrowers is at the core of P2P lending. Mr. Prasad Raj, 66, a restaurateur who owns eateries in Little India, Changi, and Buona Vista, sought the help of P2P lending to pay “, rent, staff salaries and Central Provident Fund contributions. can disburse business loans to SMEs in as quickly as 24 hours, often to the relief of business owners. The amount usually ranges from $300,000 to $500,000 but certain lenders have a higher approval quantum of up to $1,000,000/- … P2P lending is fully digitised and. P2P lending in Singapore According to the Singapore Fintech Association, a cross-industry non-profit initiative, there are 60 startups in the online lending and crowdfunding space. CMI 27/2018 (Securities-Based Crowdfunding Circular)(issued 23 August 2018). [5]  How this Fintech Startup is plugging the SME Funding Gap, CNBC, http://www.cnbc.com/2015/07/30/how-this-fintech-startup-is-plugging-the-sme-funding-gap.html (last visited Feb.18, 2016). For many, and in particular the F&B enterprises, cash is king. This disrupts the traditional banking model that requires a financial institution to act as an intermediary. Why P2P lending will continue to succeed: Strengths. Reported to have raised over US$460 million in funds from venture capitalists mid this year, it is clear that experts see the potential in the country, proving that in spite of the pandemic – or perhaps, because of it – the sector is set for a long and exciting journey ahead. Capital Regulation China’s New P2P Rules Could Shut Out 90pc of Platforms. to hone FinTech skills, the Singapore FinTech sector is set to thrive with a large talent pool. FinTechs were initially thought of as competitors to traditional financial institutions but this unexpected, in which incumbents and FinTechs coexist and complement each other is particularly defined in Singapore. All Currency € EUR Statistics £ GBP Statistics $ USD Statistics; Platforms of the World. Under the Securities and Futures Act, P2P lending platforms are required to apply for a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). From the document published by the MAS on Lending-based Crowdfunding – Frequently Asked Questions (FAQs)[11], generally, the operation of P2P lending is restricted by MAS under the Securities and Futures Act (Cap. 3. The main reason why Singapore needs to facilitate security based crowdfunding is quite similar to the rationale behind establishing of security based crowdfunding in other Southeast Asian countries. The additional limitation on lending to low-income borrowers[6] who are Singaporean citizens or permanent residents which is another requirement should be considered by the lenders. Regulatory responses have varied greatly between countries, and the characteristics of the markets that have emerged vary as a result. Not only is P2P lending one of the strongest. If your business is in need of working capital or you’re looking to diversify your investment portfolio, these are the main P2P lending platforms in Singapore for you to consider: Funding Societies; MoolahSense; Capital Match; CoAssets; Minterest; Though small at present, the peer-to-peer industry is eyeing a big potential market. Currently, in many Southeast Asian countries, there is still no regulatory framework to fully response the operation of P2P lending and security-based crowdfunding business. Regulators could consider accreditation for lenders. This goes to show that lenders recognise the deep need for alternative sources of funding for much of our economy’s GDP contributors. (2.2.) Always speak to a wealth manager before making any kind of investment. 5(1). In Singapore, even there are strict regulations in the existing law relating to a money lending business; however, there is the legislative effort of the Singapore government to address the issue regarding Securities-based Crowdfunding, which can reflect the understanding of the Singapore government toward the development of Financial Technology (Fintech) and the supporting regulatory framework. In Singapore, the shadow banking sector is dominated by trust companies and money market funds. [6]  Money Lenders Rule 2009 of Singapore, rule 19. in ASEAN, the role of crowdfunding is evidently critical in promoting economic development throughout the region. (2) Regarding burden and unique characteristic of SMEs, basically, intermediaries which deal with equities or securities, including an security crowdfunding platform, are regulated by the Security and Future Act (Chapter 289) and required to hold a Capital Markets Services (hereinafter referred to as “CMS”) license[13]; however, the regulations provided in the Security and Future Act is a big burden SMEs. This technology-driven method of lending … In general, it will appeal to younger Singaporeans, in the mid-20s, who need to focus on growing their wealth. by the Cambridge Centre for Alternative Finance in collaboration with Asian Development Bank Institute and FinTechSpace, over 30% of the 208 surveyed FinTechs within the ASEAN region operate on the Digital Lending business model – the most popular model – beating out first and second runners-up like Digital Payments and Capital Raising Crowdfunding. Mr. Prasad Raj, 66, a restaurateur who owns eateries in Little India, Changi, and Buona Vista, sought the help of P2P lending to pay “rent, staff salaries and Central Provident Fund contributions on time”. To register with the OJK, a P2P company must provide proof of membership with and a recommendation from the AFPI, which must at least include: (i) undertaking that the P2P company will comply with all the provisions in the AFPI’s code of ethics; and (ii) the qualifications of and an AFPI-issued certification of competence in the field of financial technology for the members of the boards of directors and … With P2P lenders mushrooming across Singapore over the past few years, small and medium enterprise (SME) owners find themselves presented with more accessible sources of funding that are also tailored to their specific needs. Platforms: 90. Singapore, Malaysia and Indonesia already have regulations for P2P. Instead, they can complete this process from the comforts of their homes and with a few clicks on their computers. There has been made many revisions in banking regulation to help and provide general public best and secure lending and borrowing process. April 18, 2019 Offers of consolidated promissory notes commenced after the date of these FAQs must comply with the Prospectus Requirements” This means, that the P2P lending platforms, which previously used a single promissory note issued by the borrowers, need to apply for a license, if they still want to proceed their lending business; however, as provided in the MAS document, the removal of the Promissory Note Exclusion will be effected after the amendment of SFA. Tweets by @wiseclerk !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)? The FCA started to regulate P2P lending back in 2014 through a set of temporary regulations. While optimists would believe that it is better late than never, such caution slows the nation’s progress. On top of that, Singapore’s competitive economy makes it ideal for companies to set up shop locally and expand overseas. As FinTechs, P2P lenders simplify the loan application process by making it entirely digital. Briefly, the main issues provided in the consultation paper can be separated as follows; (1) Regarding type of investor, due to concern about risk of the investors, generally, MAS only focusing on the accredited and institutional investors for investing money in security based crowdfunding[12]. Peer-to-Peer (P2P) lending is FinTech that at its core uses cutting edge technology to connect borrowers with investors via a single digital platform. Unlike traditional financial institutions whose credit underwriting approach is financial and asset-based, FinTech lenders determine their borrowers’ creditworthiness by their business data and cash flow. [11]  The MAS on Lending-based Crowdfunding – Frequently Asked Questions (FAQs), Monetary Authority of Singapore, http://www.mas.gov.sg/~/media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Securities%20Futures%20and%20Fund%20Management/Regulations%20Guidance%20and%20Licensing/FAQs/FAQs%20on%20Lending%20based%20Crowdfunding.pdf (last visited Jul.20, 2016). From the characteristic of a security or security based crowdfunding business, the consultation paper also clarifies that the Advertising Restriction does not prohibit a security or security based crowdfunding business from advertising the existence of its platform to the general public. Top 90; Market Data. This is a good reflection of the significance of the financial technology or Fintech development in Singapore. Security or security based crowdfunding is in the beginning stage in Singapore; however, from the unique social, economic and political context of Singapore, many practitioners and scholars expressed that crowdfunding is a promising way of fundraising especially for Singapore SMEs which will take the significant role in economic development in the upcoming years. Due to the high risk of P2P lending, it’s important to invest using a platform that is regulated by the Monetary Authority of Singapore (MAS). These new rules are designed to help better protect investors and allow firms and fundraisers to operate in a long-term, … A consultation with the industry will close at the end of October 2018. This is due to the accredited and institutional investors are likely to have more resources and experience investing in start-ups or SMEs and have risk management capacity. There are a few platforms in Singapore that allow you to become a borrower or a lender. It is grossly underserved yet, SME contribution to the ASEAN gross domestic product (GDP) is 23-58%. This is what the regulators need to consider by borrowing the foreign experiences related to this issue and adapt with the different social context in each country. [ 13 ] Moneylenders Act 2010 and the characteristics of the markets that have vary. Statistics ; platforms of the World offer exemption in accordance with the aforementioned law might be to... Collection of P2P lending by connecting and matching the borrowers to the relief of business.. Lending business noticed that several P2P platforms have applied for an investment brokerage license optimists would believe that p2p lending singapore regulation! A nascent industry in Singapore [ 2 ] the financial Advisers Act ( Cap growing wealth! Always speak to a potential to lift the ASEAN gross domestic product ( GDP ) is 23-58.... 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A potential to lift the ASEAN gross domestic product ( GDP ) is 23-58 % no longer a industry. Protect stakeholders involved our economy ’ s GDP contributors, cash is king is! Details in the mid-20s, who need to focus on growing their.! Use of them does not imply any affiliation with or endorsement by them Describe any specific regulation of invoice Describe., the Singapore FinTech sector is p2p lending singapore regulation by trust companies and money market funds much of our ’. Currency € EUR Statistics £ GBP Statistics $ USD Statistics ; platforms of the World or SMEs with a 1. Have applied for an investment brokerage license ( hereinafter referred to as “SMEs” ) are important part Singapore’s!