Singapore Wants to Remain a Favorable Blockchain Destination

Singapore Wants to Remain a Favorable Blockchain Destination

Singapore has earned an impressive reputation over the years as a thriving global fintech hub, despite being a small island nation with a population of just 5.6 million people.

According to Singapore-based tech news platform e27, the city-state boasts more than 400 fintech firms and international financial institutions, including Citigroup, Wells Fargo, Mastercard, and DBS Bank.

Additionally, the island’s supportive stance towards emerging technologies has made it a particularly favorable destination for venture capitalists looking for early stakes in the next financial success story. According to the Singapore Department of Statistics, the number of tech startups in the country grew to 4,300 in 2016 from 2,800 in 2003. Bain & Company also found the number of recorded venture capital deals rose to 524 in 2017, four times the figure recorded in 2012. Private equity deal value meanwhile went up 75% to US$15 billion.

Venture capital interest in the tech sector has over time led to a maturing of Singapore’s tech ecosystem. This is helping to drive more aggressive venture capital expansion into emerging technologies, including blockchain-based projects. Still, the island may struggle to maintain its appeal to investors, as other Asian nations seek to attract greater interest in blockchain from startups and venture capitalists.

Singapore’s proponents nevertheless cite the nation’s progressive attitude towards cryptocurrencies, owing to its enterprise-friendly environment, diverse pool of talent, ready capital, and forward-thinking government policies, as key to retaining an edge over neighboring jurisdictions.

Moreover, the arrival of robust projects supported by experienced leadership teams has infused the emerging industry with a renewed focus on developing solutions with real-world applications, a major draw for venture capitalists.

Source: e27.co