Singapore is one of the world’s top four financial centers alongside London, New York and Hong Kong. With at least 200 banks operating from the island nation, Singapore is positioned to partner the next generation of fintech pioneers.

The Monetary Authority of Singapore (MAS) has allocated S$225 million (US$165 million) to fintech development over the next five years, with the aim of creating a pervasive culture of innovation and cementing the country’s status as an Asian leader in the sector. This initiative meshes with Singapore’s broader Smart Nation agenda of using technology to support higher quality of life, increase productivity and create jobs.

Funds Set Aside by the MAS for Fintech Development

Some of Singapore’s financial initiatives have been high-profile, such as linking fund-transfer systems with Thailand, building a cross-border trade platform with Hong Kong and fostering collaboration between Singapore’s banking giants to create a blockchain-based interbank transfer system independent of the central monetary authority.

Some of the most promising technologies are not the most publicized or most disruptive. Singapore gives equal support to home-grown innovators like M-DAQ, whose proprietary technology minimizes FX risk by enabling international traders to see asset prices in their own currencies. Incorporated in 2010, M-DAQ grew from this single, simple idea. Its founders, whose drive and passion helped them endure a challenging no-pay period, reached a pivotal breakthrough in late 2015 when Ant Financial Services Group decided to back their startup. M-DAQ is planning for an initial public offering, slated to take place by 2020.


Our passion is to try to create something from our base in Singapore that can make this world a better place using our know-how from the foreign-exchange field."

Richard Koh
Founder and CEO


One of the advantages of doing business here is regulators and the government and the people really have an international mindset. They are not just limited to Singapore when they do something. This mindset makes it easier for us to do our global FX business out of Singapore."

Noboru Takahashi


About M-DAQ

M-DAQ created a platform that converts single/dual-currency securities exchanges into seamless multi-currency securities exchanges by blending executable interbank foreign exchange rates into equities and exchange-traded instruments. It describes its mission to create a "World without Currency Borders®."