The "Singapore Embedded Finance Business and Investment Opportunities Databook - 75+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments - Q2 2024 Update" report has been added to Resear...
Autore: Business Wire
DUBLIN: The "Singapore Embedded Finance Business and Investment Opportunities Databook - 75+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The embedded finance industry in Singapore is expected to grow by 11.2% annually to reach US$2.25 billion in 2024. The embedded finance industry is expected to grow steadily over the forecast period, recording a CAGR of 23.8% from 2024 to 2029. The country's embedded finance revenues will increase from US$2.25 billion in 2024 to reach US$6.54 billion by 2029.
This report offers a comprehensive, data-centric analysis of the embedded finance industry. It covers lending, insurance, payment, wealth and asset-based finance sectors and provides a detailed breakdown of market opportunities and risks across various sectors. With over 75+ KPIs at the country level, this report ensures a thorough understanding of embedded finance market dynamics, market size, and forecast.
Singapore's embedded finance sector has experienced consistent growth over the past few months, driven by the rise of open banking and advancements in technology. The sector is expected to continue expanding, supported by a thriving fintech ecosystem and strategic collaborations between traditional banks and startups.
Recent innovations, such as KPMG's Embedded Finance Hub and Atome's enhanced payment solutions, highlight the sector's dynamism and focus on improving user experiences. Strategic partnerships, like that between Funding Societies and SGeBIZ, further illustrate the integration of financial services into various platforms. Regulatory advancements by the Monetary Authority of Singapore (MAS) ensure that growth is balanced with necessary safeguards, positioning Singapore as a leader in the Asian fintech landscape.
Singapore's embedded finance market is set for further expansion, buoyed by a vibrant fintech ecosystem and ongoing collaborations between traditional banks and innovative startups. As more companies adopt embedded finance strategies, Singapore is well-positioned to continue its leadership role in the Asian fintech landscape, offering seamless and integrated financial solutions to consumers and businesses.
Product & Innovations
KPMG's Embedded Finance Hub
In May 2024, KPMG launched Singapore's first Embedded Finance Hub, a collaborative platform designed to accelerate the adoption of embedded finance solutions across various industries. This hub fosters partnerships between corporates and financial institutions to create innovative financial products and services, enhancing the overall customer experience.
Atome's Enhanced Payment Solutions
Atome, a leading player in the embedded finance sector, has expanded its offerings in Singapore by improving its payment solutions. These solutions allow consumers to split purchases into interest-free installments, meeting the growing demand for flexible payment options in e-commerce. These product launches highlight Singapore's dynamic embedded finance landscape, which is driven by innovation and the integration of financial services into everyday transactions.
Strategic Partnerships
Funding Societies and SGeBIZ Collaboration
In early 2024, Funding Societies, a leading digital finance platform for Southeast Asian SMEs, partnered with Singapore E-Business (SGeBIZ). This collaboration aims to integrate B2B embedded finance solutions into SGeBIZ's procurement platform, enabling businesses to use features like Buy Now and Pay Later (BNPL) in their purchasing processes. These partnerships underscore the growing trend of integrating financial services into various platforms in Singapore, enhancing accessibility and convenience for consumers and businesses.
Regulatory Changes
Monetary Authority of Singapore's (MAS) Approach
MAS continues to adopt a forward-thinking approach to fintech regulation, encouraging innovation while ensuring financial stability. Initiatives like the FinTech Regulatory Sandbox allow startups to test embedded finance solutions in a controlled environment.
Collaboration with KPMG on the Embedded Finance Hub
In May 2024, MAS collaborated with KPMG to launch Singapore's first Embedded Finance Hub. This initiative aims to accelerate embedded finance adoption by developing joint capabilities between corporates and financial institutions, creating new growth opportunities.
Monitoring of Buy Now, Pay Later (BNPL) Sector
MAS is closely monitoring the BNPL sector due to rising concerns over consumer debt risks. The Singapore Fintech Association (SFA) established a BNPL Working Group in March 2022 to create a framework and code of conduct for BNPL providers, which took effect in November 2022.These regulatory developments demonstrate Singapore's commitment to nurturing the growth of embedded finance while balancing innovation with necessary safeguards and oversight.
Reasons to buy
Scope
Singapore Embedded Finance Market Size and Forecast
Singapore Embedded Insurance Market Size and Forecast
Embedded Insurance by Business Model
Singapore Embedded Lending Market Size and Forecast
Singapore Embedded Payment Market Size and Forecast
Singapore Embedded Wealth Management Market Size and Forecast
Singapore Asset Based Finance Management Industry Market Size and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/2h9b3x
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Fonte: Business Wire