Singapore has been named among the top five cities leading the fintech industry globally after ranking fourth in UK-based embedded-lending platform Fluro’s recent study. It has over US$32 billion ($44 billion) in funding from 1,730 investors and 612 fintech companies based in the country, making Singapore the top fintech location in Asia, followed by Hong Kong and Mumbai.
San Francisco — the world’s fintech capital with over US$232 billion of funding and 4,326 investors — led the ranking, with London — home to the most significant number of fintech companies at 1,866, 25 of which are unicorns — placing second. On either side of Singapore in the global rankings were New York and Stockholm, which came in third and fifth respectively.
With the global fintech market set to reach US$310 billion by the end of 2022, Fluro analysed a seedlist of the top 50 financial cities, looking at the number of fintech companies, total funding amount, number of investors, as well as the number of fintech events and the number of unicorns in each city.
The methodology also took into account factors including cost of living and quality of life scores, as well as job opportunities, average salaries and the percentage of STEM graduates by country from various accredited sources. Data was collected and currency conversions were made between September 20 and 21.
Fluro’s study also crowned Singapore the best city for those looking to launch a career in Fintech. Research found 3,211 fintech job opportunities at an average annual salary of US$61,854, with the cost of living (before rent) at an estimated US$957 per month.
Berlin, London, Frankfurt and Tokyo rounded up the rest of the top five cities in which to start a career in fintech, according to Fluro.
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On the findings, Fluro CEO Nick Harding says: “The growth of the fintech market has accelerated over the past 10 years, largely due to technological breakthroughs, and it’s great to see hubs of expertise emerge across the globe for both businesses and individuals looking to work in this industry.”
“Fintech companies have filled the gap left by traditional institutions which struggled to keep up with changing consumer behavior. Efficient, timely, and personalized services are more important than ever in the financial services space to secure a positive customer experience,” he adds. “As the industry continues to grow across the globe, now might be the time for businesses, consumers, and future talent to get on board with digital finance."
