Singapore government has shown that despite their successes, they will continue to build networks, and learn from other countries – the epitome of a successful leader.
Over the years Singapore has forged alliances and worked in harmony to get to the roots of what drives a successful fintech culture. To date, the Monetary Authority of Singapore has signed 31 FinTech Co-operation Agreements with international counterparts including United Kingdom and Australia. The objective is to foster closer cooperation, ensure market access, strengthen cyber-security collaboration and promote innovation.
With this in mind, it’s no surprise that Singapore has become the preferred gateway into Asia, and banks are now competing / collaborating with fintech companies.
With the rise of fintech and the void left by banks, there’s really no choice for banks but to improvise and innovate. There is massive untapped scope for collaboration between banks and fintech, something which LU Global is avidly working towards. Technology can bring new capabilities to banks by acting as the go-between. For customers it means more agile banking, innovative products, cost reductions, and improved user experiences. Win-win-win.
With support from some of the biggest names in finance, Ping An Group and Lufax , LU Global has enjoyed two incredible years in Singapore. During this time, we were awarded the 2019 Best Fintech App in Asean by Asia Asset Management and we’ve given over 300,000 people across Southeast Asia an app that provides quicker, easier, and more flexible wealth management.
So, next time you hear someone talk about Singapore’s ‘kiasu-ness’, remind them that in Singapore, we are happily kiasu. Why? Because being kiasu is the reason Singapore has such a strong fintech success. It’s why countries across the globe are using Singapore-grown fintech technology, it’s why more and more fintech companies are heading to Singapore’s shores and it’s why LU Global is humbled by our decision to set up shop here. We truly believe Singapore is steering the fintech revolution and we’re so proud to be part of it.
Some parting celebratory words from our CEO, Kit Wong:
“I have no doubt Singapore will continue to grow as a fintech hub. We, at LU Global, are proud to be part of Singapore’s fintech community, we’re grateful for the vibrant fintech ecosystem in this country and we’re thrilled to be able to bring society-changing products and services. So, as we celebrate Singapore’s National Day, together with our 2nd birthday anniversary, I’ve realized this day no longer means something just for Singaporeans; thanks to Singapore’s fintech scene it means something for the world, and that’s something worth celebrating! Happy Birthday Singapore” – Kit Wong, CEO LU Global.