The financial services industry has shifted and repositioned itself over the last few years. Spurred by the pandemic, the industry has seen a rise in digitalisation efforts to maintain the relationships they have between the company, employees, and customers. In order to start a company in Singapore, business licenses for the financial services industry are required.
What Are the Types of Financial Services Licenses in Singapore
Setting up a company offering financial services, especially in FinTech, in Singapore could be a smart move now. Ranked 2nd in biggest growth by industry in Singapore by the Ministry of Trade, the finance and insurance industry is expected to grow 4-5% per annum from 2021 to 2025, according to the Monetary Association of Singapore.
To operate a financial service company, you will need to hold one of the two business licenses: