Singapore Remains a Fintech Hub with Crypto and Blockchain Leading the Way
Singapore continues to establish itself as a fintech hotspot, with cryptocurrency and blockchain taking the lead in fintech investments in 2022, according to KPMG’s Pulse of Fintech report. Despite a modest 21% decline compared to the previous year, crypto-related funding in Singapore reached $1.2 billion. Globally, crypto startups secured $23.1 billion in funding, marking a 23% year-over-year decrease.
Zodia Expands into Singapore to Tap into Crypto-Friendly Regulatory Environment
Zodia, a cryptocurrency startup, has expanded its operations into Singapore following its recent move into Abu Dhabi. Zodia aims to benefit from Singapore’s reputation as a prominent financial center in the United Arab Emirates and its crypto-friendly regulatory environment. Earlier this month, Zodia obtained in-principle regulatory approval in Abu Dhabi. The strategic expansion into Singapore aligns with Zodia’s goal of leveraging favorable regulatory environments to support its growth and strengthen its position in the crypto industry.
Hot Take: Singapore Sustains Fintech Momentum with Crypto Investment
Singapore’s position as a leading fintech hub remains solid as it attracts significant investment in the crypto and blockchain sectors. Despite a slight decline in funding compared to the previous year, the $1.2 billion investment in crypto-related projects demonstrates the continued interest and confidence in Singapore’s fintech ecosystem. The expansion of Zodia into Singapore further underscores the country’s appeal as a crypto-friendly destination, leveraging its regulatory environment and financial standing. As the global fintech landscape evolves, Singapore is well-positioned to maintain its momentum and drive innovation in the crypto space.
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