“Singapore’s fintech market remains robust, with a broad and diverse range of fintech companies operating within it. There are 1000+ fintech firms and 40+ innovation centers. In 2021, there were a record USD3,9 billion in fintech investments in Singapore.” said the ITA (International Trade Administration, the US Department of Commerce.

Digital payment is the largest sector within the fintech industry, with Money Transfers/Remittances and Online Payment Gateways dominating the sector.

ITA predicts that digital and mobile-first banking will grow 30.1% in 2023. However, Bloomberg reports that the industry is struggling to find talent among fierce competition globally.

Among the top fintech companies in Singapore, below are the top 10 companies forecasted to excel in the industry in the future: 

airwallex logo

1. Airwallex – Best for cross-border business payment services

Airwallex is a leading global B2B(business-to-business) payment platform in Singapore. Named one of the “World’s Top FinTech Companies 2023” by CNBC-Statista, Airwallex is one of 15 companies worldwide and the only company founded in the Asia Pacific region to gain the award.

Key features

  • Borderless payments

Airwallex sends and receives corporate payments across countries and regions quickly and smoothly. Focusing on Asia and emerging markets, the company supports a variety of currencies and payment methods, including e-wallets, bank transfers, and local payment networks.

  • Multi-Currency Cards

The company offers businesses physical and virtual multi-currency cards, allowing better multi-currency management in one account. Clients can streamline and control multi-financial flows using Airwallex’s system.

  • APIs and Integrations & Transparent Pricing

Airwallex’s APIs and Integration system allow customers to easily integrate its payment systems into their existing accounting, eCommerce, and ERP structures. A company can consolidate its payment processes and remove manual data entry.

Furthermore, it offers transparent and upfronted pricing for clients so that they may make better decisions based on updated information.

Total equity funding

Airwallex has secured a total equity funding of S$693 million across all multiple funding rounds.

Most recent funding

The most recent funding has brought S$220 million to the company for Airwallex for further expansions in Singapore and Southeast Asia.

paypal logo

2. PayPal – Best for international businesses

PayPal Inc. is a listed American multinational financial technology company providing online payments and money transfers. It also serves businesses and individuals concerning financial transactions across borders. 

Key features

  • Comprehensive financial services 

PayPal provides financial services of business-to-business, business-to-individuals, and individuals-to-individual across borders through its platforms. 

  • Online payments and wireless transfer through the PayPal app

Businesses and individuals can receive, send, and store money for various purposes online or through PayPal’s app.

  • Merchant services

PayPal uses its advanced technology to facilitate secure online payments and provides tools and integrations for e-commerce stores.

  • Buyer protection

PayPal’s unique buyer protection program offers customers from scams and fraudulent transactions worldwide, It guarantees refunds for eligible cases.

Total equity funding

PayPal has raised S$8.3 billion in equity funding throughout history

Most recent funding

The company’s recent equity funding of S$2.68 billion came from Synchrony Financial in 2023.

fomo pay logo

3. FOMO Pay – Best for business payment services

FOMO Pay provides digital payment solutions to businesses and financial institutions, including online, mobile, and cross-border payments. The fintech company stresses innovative technology, regulatory compliance, and commitment to financial inclusion.

Key features

  • Financial inclusion

FOMO Pay is committed to promoting financial services to underbanked and underserved populations, such as emerging markets, small merchants, micro-businesses, and rural communities.

  • Innovative technology

FOMO Pay invests in research and development heavily in payment solutions to meet evolving business demands and needs. It uses artificial intelligence, machine learning, and data analytics to help clients develop financial solutions. 

FOMO Pay offers business solutions like credit cards, debit cards, e-wallets, and QR code payment channels. Furthermore, it supports multiple currencies and smooth integrations with payment gateways.

  • Security

The company stresses data security and fraud prevention by employing advanced measures to protect clients’ information and transactions. The security measures adopted include data tokenization, encryption, and fraud detection algorithms as safeguards against unauthorized access and data theft.

Total equity funding

FOMO Pay has raised S$13.5 million in equity funding led by Jump Crypto in 2022.

Most recent funding

The fintech company has received a capital injection of S$220 million from its parent company, focusing on business development in Singapore and Southeast Asia.

instarem logo

4. Instarem – Best for speedy money transfers

Instarem provides financial services, such as digital payments to businesses and individuals, offering fast transfer speeds, competitive exchange rates, and a user-friendly interface.

Key features

  • Multiple currencies and methods

Instarem offers various currencies, including SGD, USD, EUR, GBP, CAD, and INR. The company provides multiple money-transfer methods like bank transfer, e-wallet, and mobile payments.

  • Competitive exchange rates and fast transfer methods

Instarem compares rates from various providers and suggests the best one for each transaction.

Besides, the company transfers and completes a transaction within 24 to 48 hours, faster than traditional financial institutions for 5 to 7 business days.

  • User-friendly interface

A user-friendly interface makes instarem an excellent place to use due to its simple procedures like account opening, sending money, and progress tracking just in a few clicks.

Besides, the company app on Apple and Android phones makes cash transfer easier on mobile devices.

Total equity funding

Instarem has received S$240 million in equity funding over the past 9 years.

Most recent funding

The recent equity funding took place in September 2023, and the company received S$165 million from its parent company.

smartkarma logo

5. Smartkarma – Best for investment analysis

Smartkarma is an investment research platform providing institutional clients with independent research and analysis covering Asian equities. Besides, Smartkarma also offers investment tools for analysis, research, portfolio management, and making informed decisions.

Key features

  • Strong research backup

Smartkarma has strong and independent analysts of over 2000, providing clients with in-depth and extensive investment analysis on over 8000 Asian stocks.

  • Cooperation platform

The company’s collaboration platform creates a space for investors to share investment information and update related news on stock trades and economic news.

  • Research tools

Smartkarma also supplies clients with advanced investment tools covering multiple aspects of investing, such as sentimental analysis, trend analysis, and company comparison tools.

  • Portfolio management

The firm creates systems allowing investors to track portfolios and manage their investments, for example, by setting real-time alerts on portfolio components.

Total equity funding

Smartkarma has raised more than S$134 million of equity funds since founded.

Recent equity funding

Smartkarma raised S$10 million of equity funds from Vertex Ventures in 2023.

nium logo

6. Nium – Best for innovative business services

Nium is a global B2B payment platform offering businesses to send and receive payments across borders. Its services include remittances, corporate cards, and cross-border payments. The fintech company is focused on innovative technology and regulatory compliance.

Key features

  • Transparent pricing and borderless payments

Nium provides a clear pricing policy, allowing customers to view transaction charges before making informed decisions.

Besides, the company supports various currency deals and popular payment options like e-wallets, bank transfers, and local payment networks across borders.

  • Multi-currency cards

Nium offers corporate clients physical and virtual multi-currency cards, allowing for simple fund and expense management in one account.

  • APIs, integrations, and risk management

Nium’s API and integration systems permit flexible amalgamation and streamlined processes between Nium’s and a client’s systems, including ERP and e-commerce systems.

Nium stresses risk management by employing advanced tools to protect clients’ interests against financial risks and is committed to stringent regulatory requirements for operating businesses.

Total equity funding

Nium has secured S$268 million in 2021.

Recent equity funding

The fintech company received a total investment of S$220 million in May 2023.

moneysmart logo

7. MoneySmart – Best for financial advisory services

Unlike other digital platforms, MoneySmart is a leading personal financial website and financial advisory platform providing comprehensive financial information, tools, and advice to individuals in Singapore. It helps users to make better decisions through updated information offered.

Key features

  • Comprehensive financial information

MoneySmart Singapore offers users multiple in-depth financial topics on financial products like insurance products, credit cards, loans, stocks, mutual funds, and other investment opportunities.

The digital content and multi-media portal analyzes and recommends financial products to individual investors and consumers.

  • Financial education resources

MoneySmart creates a wide range of financial education resources, including blogs, videos, and infographics, to guide individuals in improving financial literacy and decision-making.

  • Financial advisory services, financial calculators, and tools

The fintech company provides financial advisory services on mortgages and life and health insurance to people who need support in these areas.

MoneySmart also offers a suite of financial calculators and tools to help users make better and more informed decisions. They include an investment comparison tool, a savings calculator, a mortgage calculator, and a debt repayment calculator.

Total equity funding

MoneySmart is a private startup and does not disclose its funding amount, but it has prominent backers like Vertex Ventures and Temasek Holdings to support its operations in the region.

Most recent funding

The recent capital injection amounts to S$15 million from existing investors in July 2023.

invoiceinterchange logo

8. Invoiceinterchange – Best for specialized business needs

Invoiceinterchange, an AI technology company specializing in natural language understanding(NLU) and natural language processing(NLP), provides innovative voice solutions for businesses and consumers and enables interactions between humans and machines.

Key features

  • Proprietory NLU and NLP technology

The company’s innovative products help customers gain a better user experience and repeat uses of products.

  • Product Integration

Voiceinterchange can provide seamless communications via websites, mobile devices, and apps through flexible integration with corporate clients’ systems.

  • Industry-specific solutions

The company creates tailor-made solutions for specific industries like finance, healthcare, catering, and retail to improve customer experience and services.

Total equity funding

Invoiceinterchange has secured a total funding of S$33.5 in 2021.

Most recent funding

The fintech has secured S$20 million from its parent company in June 2023.

fundedhere logo

9. FundedHere – Best for business fundraising

FundedHere is a leading equity- and lending-based crowdfunding platform facilitating funding and venture debt for fintech startups and other companies at earlier business stages in Singapore and Southeast Asia.

Key features

  • Crowdfunding platform for opportunities

Like other messaging platforms, FundedHere provides a community where investors and businesses meet to raise funding.

  • Due diligence and investment options

FundedHere is responsible for reviewing and evaluating a startup’s business model, financial viability, management, and market potential.

Moreover, the fintech offers ongoing support to companies that successfully raised funds, including access to industry experts, mentorship, and networking opportunities.

  • Secure and transparent platform

FundedHere provides a platform where investors can access all information about a startup concerning opportunities and risks.

Total equity funding

S$1.29 million

Most recent funding

S$15 million

amtd policypal logo

10. AMTD PolicyPal – Best for retail insurance services

AMTD PolicyPal is a leading online insurance marketplace in Singapore, offering a comprehensive range of insurance products from local and international insurance companies. Consumers can compare and buy insurance policies like life, accident, health, motor, and travel insurance in the marketplace.

Key features

  • User-friendly platform

AMTD PolicyPal’s platform provides a simplified and streamlined process of finding, reviewing, and buying insurance from various products. Consumers gather and compare abundant resources of insurance information through the platform.

  • Strong customer support and professional advice

The platform provides 24/7 support to members. Besides, consumers can get assistance from experts from AMTD PayPal.

  • Wide range of products in one place

AMTD PolicyPal has partnered with local and international insurance companies to offer consumers annuities, critical illness insurance, endowment or savings insurance plans, integrated shield plans, home insurance, personal accidents, pet insurance, maid, motor, and whole life/term insurance.

Total equity funding

Not disclosed

Most recent funding

The company has secured S$18 million from its parent group AMTD.

Final Thought

Fintech, a symbol of a decentralized world of finance, is gaining traction in Singapore as investors pour more money into them, expected to become the next Apple or Amazon. However, the financial services companies are still at an initial stage, and the stakes are still high for losses. The probability of success is small for startups on average. Only Investors with sharp eyes can reap hugely from the game.

Key Takeaways

  • The most-funded fintech companies are Airwallex, PayPal, FOMO Pay, Instarem, Smartkarma, Nium, MoneySmart, Invoiceinterchange, FundedHere, and AMTD PolicyPal.
  • Digital payment services dominate the most funded companies.
  • Besides digital payment services, they comprise digital content, crowdfunding, insurance, and alternative financial technology, such as the commercialization of voice control.

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