Small logo Subscribe to leading news on impact investing. Learn More
The Brief Originals Dealflow Signals The Impact Alpha Impact Voices Podcasts Agents of Impact Open
What's Next Measure Better Investing in Racial Equity Beyond Aid Beyond Trade-offs Impact en las Americas New Revivalists Women Rising in India Operation Impact
Smarter Money Women Rising 2030 Finance Locavesting Inclusive Economy Regeneration Impact Tech New Power Geographies
Slack Conference Calls Events Contribute
The Archive ImpactSpace The Accelerator Selection Tool Network Map
About Us FAQ Calendar Pricing and Payment Policy Privacy Policy Terms of Service Agreement Contact Us
Industry News Impact Management Good Business Personal Finance Faith and investing Billionaires
Gender Lens Investing Women Rising in India
SDGs Climate Finance Clean Energy Innovative Finance Full Stack Capital Long-termism
Opportunity Zones Investing in place
Entrepreneurship Return on Inclusion Good Jobs Inclusive Fintech Creative economy Housing New Schooled Well Being People on the Move
Conservation Finance Farmer Finance Financing Fish
Blockchain/AI/IoT Urban Tech Food Tech Inclusive Fintech
Human Rights Democracy and Peace News and Information
Africa Asia Europe Latin America Middle East Oceania/Australia China Canada India United Kingdom United States Growth Markets
Subscribe
Features
Series
Themes
Community
Data
Subscribe Log In
More

Can inclusion power Singapore’s fintech boom?



ImpactAlpha, May 7 – The Monetary Authority of Singapore has made “financial inclusion” a top priority for the city-state’s booming fintech investment scene. Fintech firms in Singapore last year attracted a record $229 million in funding, defying the broader decline of fintech investing in Asia after a red-hot 2016.

That raises the question of whether a focus on lower-income and “unbanked” customers might open new market opportunities. “In Singapore and across Southeast Asia, financial inclusion is a big focus area, with fintechs focused on everything from micropayments and microlending, to remittances and even microinsurance,” says Chia Tek Yew, who heads KPMG’s financial services advising in Singapore.

Two small deals reflect the trend. CredoLab, part of the growing field of startups developing alternative methods of credit-scoring to help unbanked customers secure and manage credit, raised $1 million from Walden International for expansion in Asia and Africa. CredoLab tracks unbanked people’s “digital footprints” and uses predictive analytics to underwrite their credit risk.

Helicap helps wealthy and institutional investors funnel investment capital into the small business sector by analyzing investment opportunities in microfinance institutions, small businesses and peer-to-peer crowdfunding platforms. The company, which calls itself a “fintech investments platform that specializes in the alternative lending space in Southeast Asia and Oceania, raised $1.5 million, e27 reports.

  • Capital gap… More than 2.9 million small- and medium-sized enterprises in Southeast Asia and Australia face a credit gap of more than $187 billion.

You might also like...