Singapore is also the launchpad for FinTech firms looking to move across ASEAN 

Financial technology (FinTech) firms in Singapore continued to attract the 
lion's share of global funding among ASEAN countries, receiving more than half 
(51 per cent) of funding for the region according to the FinTech in ASEAN: From 
Start-up to Scale-up report. Released by United Overseas Bank (UOB), PwC and 
the Singapore FinTech Association (SFA), the report also found that Singapore 
tops the region as the preferred base of FinTech firms and is home to 45 per 
cent of all FinTech firms in ASEAN.

For the full multimedia release, click here: 
https://www.prnasia.com/mnr/uob2_201911.shtml

Testament to the country's push to encourage FinTech innovation across a broad 
range of areas, funding for Singapore-based FinTech firms was the most evenly 
distributed, with insurance technology, payments and personal finance leading 
the way. According to the report, the diversified funding also indicates the 
country's more mature FinTech landscape, compared with other ASEAN markets 
where the FinTech sector is still nascent and is largely focused on 
payment-related solutions.

Video - https://cdn4.prnasia.com/002071/mnr/201911/uob2/video.mp4
(FinTech in ASEAN: From Start-up to Scale-up report by UOB, PwC and SFA)

Photo - https://photos.prnasia.com/prnh/20191112/2638576-1
(Launch of the UOB, PwC and SFA 2019 FinTech Whitepaper)


Ms Janet Young, Head, Group Channels and Digitalisation, UOB, said, 
"Singapore's favourable regulatory and business environment, strong investor 
interest and maturing FinTech sector continue to make it an attractive base for 
firms that are looking to tap ASEAN's growth potential. As such, more firms in 
the country have also graduated from pre-series to later-stage funding.

"However, expanding into and within one of the world's most diverse regions is 
not plain sailing. Therefore, in order to increase their chances of success, it 
is important for FinTech firms to find the right partner to supplement the 
experience, insights and connections required to navigate the differing 
regulatory frameworks and operating landscape across ASEAN."

Stamina, realistic valuations and talent enable successful expansion across 
ASEAN

Businesses were the main target customer segment for FinTech firms (79 per 
cent). Among businesses, financial institutions made up half (50 per cent) of 
the target segment, followed by corporates (17 per cent) and small- and 
medium-sized enterprises (12 per cent). Consumers and start-ups made up the 
rest of the target segment (21 per cent).

As most financial institutions and corporates tend to require multi-level 
approvals across different stakeholders, FinTech firms need to be prepared for 
a longer lead time before sealing the deal and onboarding these clients. 
FinTech firms offering business-to-business solutions should therefore ensure 
that they have a longer funding runway to meet their operating expenses.

The report also found that FinTech firms in ASEAN are generally optimistic 
about their current and future funding needs, with almost half of those 
surveyed confident of raising more than US$10 million for their next funding 
round.

Ms Wong Wanyi, FinTech Leader, PwC Singapore, said, "This optimism is not 
surprising, given the promise that the ASEAN region brings and the liberation 
of the industry through digital banking licenses. The increasing penetration of 
mobile devices coupled with the capabilities of new innovative technologies 
have made FinTech firms a key driver in this evolving ASEAN financial services 
landscape, providing an experience that is easier, faster and more convenient. 
That being said, the FinTech scene is very competitive so FinTech firms should 
be focused and have a clear value proposition. Scaling up should be at the 
right pace and for the right reason."

Talent remains a challenge, with 58 per cent of FinTech firms surveyed 
indicating that this was an inhibitor to their regional expansion plans.

Mr Chia Hock Lai, President, SFA, said, "FinTech firms need to consider if 
there is suitable and abundant expertise at the location they have chosen to 
scale their business. Given the long time it takes to hire the right talent, 
firms must plan ahead when it comes to expanding their workforce and business 
in a new market. One way that some firms overcome this challenge is to hire 
local talents at least six months ahead of their expansion into a new market."

The FinTech in ASEAN: From Start-up to Scale-up report can be downloaded by 
visiting: uob.com/fintech2019

Logo - https://photos.prnasia.com/prnh/20181018/2271919-1LOGO

About United Overseas Bank

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global 
network of more than 500 offices in 19 countries and territories in Asia 
Pacific, Europe and North America. Since its incorporation in 1935, UOB has 
grown organically and through a series of strategic acquisitions. UOB is rated 
among the world's top banks: Aa1 by Moody's and AA- by both Standard & Poor's 
and Fitch Ratings. In Asia, UOB operates through its head office in Singapore 
and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, 
as well as branches and representative offices across the region.

Over more than eight decades, generations of UOB employees have carried through 
the entrepreneurial spirit, the focus on long-term value creation and an 
unwavering commitment to do what is right for our customers and our colleagues.

We believe in being a responsible financial services provider and we are 
committed to making a difference in the lives of our stakeholders and in the 
communities in which we operate. Just as we are dedicated to helping our 
customers manage their finances wisely and to grow their businesses, UOB is 
steadfast in our support of social development, particularly in the areas of 
art, children and education.

About PwC

At PwC, our purpose is to build trust in society and solve important problems. 
We're a network of firms in 157 countries with over 276,000 people who are 
committed to delivering quality in assurance, advisory and tax services. Find 
out more and tell us what matters to you by visiting us at www.pwc.com/sg.

PwC refers to the PwC network and/or one or more of its member firms, each of 
which is a separate legal entity. Please see www.pwc.com/structure for further 
details.

About Singapore FinTech Association (SFA)

The SFA is a cross-industry and non-profit organization. Its purpose is to 
support the development of the FinTech industry in Singapore, and to facilitate 
collaboration among the participants and stakeholders of the FinTech ecosystem 
in Singapore. The SFA is a member-based organization with over 350 members. It 
represents the full range of stakeholders in the FinTech industry, from 
early-stage innovative companies to large financial players and service 
providers.

To further its purpose, the SFA also partners with institutions and 
associations from Singapore and globally to cooperate on initiatives relating 
to the FinTech industry. The SFA has signed over 50 international Memorandum of 
Understanding (MoU) and are the first U Associate organisation to be affiliated 
with National Trades Union Congress (NTUC). Through their FinTech Talent (FT) 
Programme, launched in 2017, over 300 professionals have been trained in 
FinTech, including blockchain & cryptocurrency, cybersecurity and regulation.

SOURCE United Overseas Bank