Both Singapore and Hong Kong have been pushing financial technology innovation. Some say the two cities are in a race to become Asia’s FinTech hub. CGTN’s correspondent Miro Lu visited Singapore’s FinTech community, asking industry stakeholders about the competition between the two financial centers.

The Monetary Authority of Singapore has laid out vision for a “Smart Financial Center”, forming a new FinTech and Innovation Group under a Chief FinTech Officer. It’s likely the first central bank to launch such an initiative. It has also committed 160 million US dollars over five years to support the development of a vibrant FinTech ecosystem. 

Lattice80, a co-working space dedicated to the FinTech community, is located in the heart of Singapore’s central business district. The idea is to bring startups to investors, clients and regulators, and foster collaboration and partnership among different players. 

Spark Systems is one of the first tenants of Lattice80. Its founder and CEO Wong Joo Seng is a serial entrepreneur and he thinks Singaporean FinTech companies benefit from its close-knit community. “You have founders of companies who are looking for funding, you have investors and venture capitalists with funds looking for great ideas. The banks are here looking for any great technology,” Wong said, highlighting the truly diverse community.  

And the Singapore FinTech Association is a part of that mix. Since its establishment in November 2016, its members have grown to 120. The Association says it doesn’t matter which city wears the “hub” crown, startups choose where to operate based on practical business reasons. 

As Asia continues to grow in financial technology innovation, the healthy competition between FinTech hubs like Singapore and Hong Kong is likely to stay.