Savills’ FinTech Index places Singapore fourth, behind New York, London, and San Francisco

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Singapore is as one of the top Fintech hubs, as per an analysis by Savills World Research. In the latest issue of Tech Cities — an annual report on research that tracks the top cities across various sectors of technology — which was released on May 1, Singapore ranks fourth on Savills’ FinTech Index after New York, London and San Franciso. The index rates cities based on various factors such as the tech-related environment and the talent pool.

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Singapore’s top ranking is due to the fact that the city-state has been positioned as the Asia’s Fintech center. Savills emphasizes that Singapore regularly organizes Singapore FinTech Festival, which is the largest of its kind in Asia. Singapore FinTech Festival, which is the biggest of its kind in the world. The country also recorded 34 billion dollars ($53 billion) in venture capital related to fintech investment between 2019 to 2022. Additionally, Singapore’s fintech sector is supported by stability in the regulatory environment and stability, with Savills noting that Singapore’s Monetary Authority of Singapore has concluded agreements with fintech firms and central banks from around the globe. “As an international financial center as well as a center for technological advancement, Singapore has rightly earned the fourth spot in the FinTech Index,” says Charlotte Rushton, an analyst at Savills Worlds Research.

New York’s position at the top of the index is due to its location as host to the world’s biggest stock exchange. “With the high demand for innovative fintech solutions and the huge capital base that investors can access all in one location New York performs exceptionally well in its tech-oriented environment and a large pool of talent,” Savills states.

London is second on the index, and is also being the most prestigious European city listed. The UK is the home of the largest amount of fintech firms globally and witnessed the most venture capital deals in the fintech sector between 2019 through 2022 Savills says. Based on information from Oxford Economics, the consultancy adds it is the case that Singapore, New York and London make up nearly 10-percent% from the value of financial services in global GDP, highlighting the advantages of cities in the fintech industry.

Additionally, San Francisco and Silicon Valley are ranked as third and fifth on the index according to the index, respectively. The cities are home to innovative businesses like payment services PayPal and Stripe as well as personal finance firm Credit Karma, the cities demonstrate the ways that tech hubs have utilized fintech to revolutionize the financial sector.

The report points out that, across Asia, despite the large proportion of fintech services in China the three Chinese cities -three cities namely Shenzhen, Shanghai and Hangzhou are ranked lower on the index. Savills blames this on an increase in the strictness of Chinese government policies regarding the capabilities of tech companies as well as the decline in venture capital financing among new companies.

Savills says that the fintech industry continues to influence not only the financial industry, but also on workplace changes. In Singapore the fintech industry has proved to be a boon, specifically to the flexible workspace market according to Ashley Swan, Savills Singapore’s executive director of commercial leasing. “The flexibility and collaborative design of these spaces reflect the fintech mindset and “start-up” mindset, which allows firms to stay agile in their growth,” he adds.