The Fintech Global Race

Singapore pushes to be the new global fintech hub, news report, as Deputy Prime Minister Tharman Shanmugaratnam announced a new funding scheme for fintech startups.

In the meantime, thanks to the South Korean Parliament’s Capital Markets Act Korean firms that have been in business for less than seven years or firms that have acquired “Venture Firm License” may raise funds via investment crowdfunding, Crowdfund Insider reports.

Just few weeks ago, at Monday’s 12th annual FinTech Demo Day in Seoul, the chairman of South Korea’s Financial Services Commission (FSC), Yim Jong-yong, had announced that his department will

Lay the systemic groundwork for the spread of digital currency.

In particular, Yim stated that his department is offering three trillion won in funding over the next three years, worth about US$2.65 billion, to financially support the development of the fintech sector in South Korea.

Meanwhile, it’s no secret cities like Frankfurt – where Deutsche Bundesbank in partnership with the Frankfurt School of Finance and Management is hosting a four-day conference on blockchain this week – and Amsterdam see Brexit June’s referendum as an opportunity to cement their own financial hub status as June’s referendum may have wounded London’s reputation as a leading hub for financial-technology companies.

However, Bloomberg reports, an unlikely hero, the UK’s so-called sandbox which is an experimental space for entrepreneurs where some regulations are waived, is helping to protect its edge: the British regulator as lawyers and entrepreneurs claimed the FCA is much more likely to try to help an enterprise get off the ground.

Singapore and Australia are working on similar programs, even though David Geale, director of policy at the FCA in London, said:

The sandbox is a world first. We are most advanced in terms of being through the process.

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