SINGAPORE (Nov 16): This week Singapore expects to host roughly 11,000 participants from more than 50 countries at the inaugural FinTech Festival.

The Monetary Authority of Singapore forecasts the weeklong event to be the world's largest fintech event so far, clearly establishing Singapore as a leader in fostering innovation.

This makes sense – as Asia is at the forefront of fintech at the moment. In the first three quarters of 2016, fintech investments in Asia Pacific reached nearly US$10.5 billion ($14.9 billion), the bulk of it driven by investments involving Greater China companies. This is more than Europe, which attracted US$2 billion in investments, and more than the US, which attracted US$6 billion in investments in the same period.

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