With 600 fintech-related companies including startups and new businesses, the Italian fintech scene has recorded notable growth in revenues over the last seven years. According to data released in Singapore by the ICE Agency during the ninth edition of the Singapore Fintech Festival taking place from 6 to 8 November, revenues have multiplied more than 26 times, from approximately 123 million dollars in 2017 to over 3.37 billion dollars in 2024.
Organized by the Monetary Authority of Singapore (MAS), the festival represents one of the largest global industry events, with over 66,000 participants from over 150 countries. In this context, the Italian pavilion of the Agency for Foreign Trade and Italian International, in collaboration with the Ministry of Foreign Affairs and International Cooperation, has selected and presented nine innovative Italian companies to the audience of international investors.
Singapore, with around 1600 fintechs and a dense connective tissue of supporting regulations, solid infrastructure and rich capital, constitutes one of the most favorable hubs. “Having established itself in particular since 2016, the digitalisation of financial services, including through the simple use of mobile phones, has democratized access to the services themselves, reducing cross-border costs. The great potential of our talents is today offered on the South-East Asian market” said the ambassador to Singapore and Brunei Dante Brandi.
Giorgio Calveri, Commissioner for Foreign Trade in Singapore and the Philippines, said: “The global fintech market is expected to explode in 2025, with cross-border payments expected to increase from $1.31 trillion in 2023 to $3.80 trillion dollars by 2030. We are at a crucial moment where it is important for Singapore and Italy to share their perspectives and innovate to meet this growth.”
Claudia Segre, vice president of Assofintech (the non-profit association representing all Italian Fintech and Insurtech players) who flew to the city-state for the occasion, recalled the Memorandum of understanding signed in 2023 with the Singapore Fintech Association for the support synergies between the two countries. “At least 30% of Italian fintech companies are owned by foreign investors, especially European ones, demonstrating the attractiveness of the Italian market, also thanks to the Pnrr. This is a year of relaunch after a contraction in investments from venture capital. In 2025 a Singapore fintech delegation will be in Italy and Milan, the Italian hub par excellence, wants to be the gateway to Europe.”
Segre recalled the steps forward made by the Italian regulatory system, such as the 2023 decree, the government’s attention during the G7 Presidency, the dialogue with universities, research centers and institutions to encourage the aggregation and development of artificial intelligence but underlined the persistence of a certain cultural distrust, “especially towards cryptocurrencies, compared to a place like Singapore where 30% of trades take place in bitcoin, demonstrating that it is possible to coexist with cryptocurrencies in a secure and monitored manner. Today, however, we must increasingly remember that the future of fintech is crucial for welfare, sustainability and corporate social responsibility, contributing to inclusion and social well-being, with emerging sectors such as longevitech and femtech.”