Singapore's development strategy and financial technology ecosystem

The article examines how Singapore can develop its financial technology (fintech) sector through state regulations. We utilize the notion of the developmental state to understand the policy interventions conducted by the Singaporean state to create a robust and sustainable fintech ecosystem. We show...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Hauptverfasser: Karim, M. F., Mursitama, T. N., Natanael, K. A. C.
Format: Tagungsbericht
Sprache:eng
Schlagworte:
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:The article examines how Singapore can develop its financial technology (fintech) sector through state regulations. We utilize the notion of the developmental state to understand the policy interventions conducted by the Singaporean state to create a robust and sustainable fintech ecosystem. We show how the proper role of government in promoting fintech growth would have a considerable impact on economic growth and encourage an inclusive economy. These can be seen in three interactions between the state, market, and technology. First, the interaction between the government and financial institutions is implemented through regulations to transform the payment system into digital. Second, the government and technology interaction is implemented by establishing a framework that seeks to improve digital infrastructure and community IT capabilities. Third, the implementation of the interaction between financial institutions and technology is proven through collaboration between the two parties in creating a financial system that can facilitate greater transactions.
ISSN:0094-243X
1551-7616
DOI:10.1063/5.0123321