A new survey has found that more than 70 percent of fintech companies think there is enough venture capital funding in Singapore.
EY revealed in its ASEAN Fintech Census for 2018 report that 77 percent of firms believe enough is being done to make the country an attractive place to invest. However, it a further 23 percent don’t think enough is being done at present, according to a report from the Singapore Business Review.
The report said:
In Singapore, the government is seen to provide attractive incentives to VCs to encourage risk-taking, including reduction of regulatory red tape, protection of intellectual property, and allocation of public money for early investments.
The survey went on to add that 59 percent of participants think the government should prioritise on making funds more accessible; 14 percent would like a wider range of criteria, whereas, seven percent want funding to be increased.
Notably, of the Asian countries that EY surveyed, 33 percent said that the government is providing enough funding support. This was the highest percentage amount recorded. Despite, this, though, a further 66 percent are of the opinion that more support could be given, with 39 percent indicating that the government only provides a medium level of funding support.
Considering Singapore is seen as Asia’s fintech hotspot, the report found that the country faces a shortage of product management skills. It went on to detail that 19 percent of companies believe they lack people with the correct job skills, followed by 14 percent in design jobs. Businesses that said they lack talent in technology and software amounted to 53 percent. However, the report added that this was not unique to just Singapore, with all countries in the survey stating that finding the right staff was an issue for them.
London, considered the number one location in the world for fintech, risks losing its place at the top. With Britain leaving the EU in 2019 questions remain as to whether or not London can keep its position. If not, Singapore could be a likely contender to take over.
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