9 April 2024

Allen & Gledhill Partners Adrian Ang and Alexander Yap contributed an article titled “Key FinTech trends in 2023” to Bits & Bytes, a monthly online bulletin hosted on the website of the Centre for Technology, Robotics, Artificial Intelligence and the Law (TRAIL) at the Faculty of Law, National University of Singapore.

The year 2023 saw regulatory bodies supporting innovation and artificial intelligence (“AI”) growth, in addition to pushing forward with FinTech initiatives related to ESG and improving regulatory measures for consumer protection. With the financial sector being an integral part of Singapore’s ambition to be a smart nation, there is a concerted effort to support the development of FinTech and to boost innovation in the sector.

This article highlights the following three key FinTech trends in Singapore in 2023:

  • Spurring innovation and AI: Regulatory bodies introduced further support aimed at bolstering innovation in AI capability development.
  • Advancing sustainability: In 2023, as ESG concerns took centre stage in regulatory agendas, a number of sustainability-focused initiatives and platforms were launched.
  • Industry developments: The regulators made strides in the regulation of digital payment token providers and financial institutions, in particular in relation to consumer protection. The industry also saw further developments in digital currency and asset tokenisation.