Chia Ling Koh and Norvin Chan present pitfalls fintech businesses should be aware of when considering opening a business in Singapore
With Singapore’s status as a fintech and digital assets hub, many companies wish to set up business in Singapore. Despite Singapore’s reputation for ease of doing business, companies are frequently surprised to discover the regulatory landscape is a complex one which requires considerable knowledge to navigate. Below,, we present five pitfalls a new fintech or crypto company needs to keep in mind.
Legislation
Singapore’s fintech and crypto laws are extremely broad, which means various services are captured by the plain meaning of the legislative text. Additional analysis needs to be given to determine whether the intended offering falls under an exclusion and whether the ac...
“When a business hopes to open in Singapore and obtain a license, regulators expect substantial activities to be carried out…”
