Fintech firms expanding in Singapore with larger offices, Apac hubs

Business-friendly regime, proximity to surging economies cited as reasons

- Sheila Chiang

The region's huge potential as a lucrative market for fintech services is prompting major players to expand their presence here and set up Asia-Pacific hubs.

Singapore's business-friendly regulatory regime and proximity to fast-growing economies are making it a key destination for companies in the digital finance sector, they told The Straits Times.

Ripple is one firm that recognizes the potential. The blockchain payments company opened a bigger office here on July 14.

The new workspace at IOI Central Boulevard Towers can accommodate up to 110 employees, well up on its old Robinson Road premises that had a capacity of 74.

It has also been hiring, mostly staff in business development, sales, markets and for RippleX—a business unit within Ripple that provides resources for developers to build on the public blockchain XRP Ledger.

Singapore, the firm's Asia-Pacific headquarters, handles 50 percent of Ripple's digital asset payment flows.

Ripple president Monica Long pointed to Singapore's significance as a hub, citing the country's clear regulatory framework and support for innovation.

"We see even more opportunity because of the broader global trend with stablecoin payments. We see that opportunity being especially big in the Asia-Pacific, so Singapore being our hub, we expect to grow that business here," said Ms Long.