Chart of the Day: Is Singapore mobile penetration strong enough to support fintech?

3G/4G subscribers reached 8.4m in 2016.

Singapore's fintech sector is poised for growth, facilitated by its highly mature ICT market and supportive regulatory landscape. According to a report by BMI Research, Singapore has one of the world's most technologically advanced telecommunications markets, with 3G/4G subscribers reaching 8.4m and broadband internet subscribers at 4.3m in 2016.

"Consequently, the population is very tech-savvy, which, coupled with high financial inclusion and debit/credit card penetration, mean that Singaporeans are well equipped to embrace developments in payment platforms and other mobile-based fintech applications," BMI noted.

It added, "As such, we expect the development of sandbox regulations to further advance the spread of fintech within the city-state, while its status as a regional banking hub will increase its attractiveness to fintech start-ups that are looking to enter the region."