Starting A FinTech Business In Singapore
Owing to the ever-growing economy and a large number of banks in Singapore, many investors, both local and foreign have been interested in setting up a FinTech business in Singapore. The FinTech business covers all the technology needed to improve and simplify financial activities. In the context of Singapore, first, there are a lot of financial houses, and second, the technology itself changes over time, so you have a lot to sell. Hence, such a business has a potential to bring in a lot of capital, and if you are interested, here is how you could set up a FinTech business in Singapore.
Register Your Company
Of course, the first thing you need to do is register your company. It should be done with the Accounting and Corporate Regulatory Authority. You could do it online, at http://www.bizfile.gov.sg/.
And if you own a foreign business and want to open a representative office in Singapore, then you will need to approach the associated government agencies, do it in these links.
- For Banking, Finance and Insurance – http://www.mas.gov.sg/
- For Legal – https://www.mlaw.gov.sg/eservices/lsra/lsra-home/
- For all Other Industries – https://www.enterprisesg.gov.sg/
The next step is figuring out how you are going to fund your business. You have a lot of options available, and some are:
You could finance your business yourself.
You could look out for government grants such as the Startup SG Founder, Startup SG Talent, Startup SG Accelerator, Startup SG Equity and Startup SG Tech. There are also various other programs available, which you should be keeping an eye on.
If you think it is a good idea, bringing in crowdfunds could also be an efficient way for you to get the money you need to start and run your business.
An angel investor is one who provides capital for a business startup, but in exchange, you will need to promise an equity in your business or convertible debt.
Read the Laws
The next step is for you to make sure that you are not breaking any law. Check that your business complies with various acts such as the Banking Act, Insurance Act, Moneylenders Act, Financial Advisers Act, the Finance Companies Act, etc. And whichever financial institution you are work with, verify you have all the necessary licenses. For all these terms, you could also take help from a lawyer. You should be very cautious about it, so as to keep yourself away from any unwanted problems in the future.
If you want to experiment something new with your business and it would help if there are not some regulations bounding you, then you could send an application to the MAS FinTech Regulatory Sandbox ([email protected]). And if your application is approved, then some rules will not apply to you for a short period. Anyway, it should also be informed to all your customers that you are in the sandbox looking to make some necessary tweaks.
These were the necessary things you need to know about starting a FinTech Business in Singapore. I hope this article becomes of help.