The Monetary Authority of Singapore (MAS) has committed S$225 million ($166.48 million) over the next five years, to growing the segment of the startup ecosystem in Singapore.

Increasingly, the non-financial players are using technology to offer innovative solutions, mirroring services traditionally offered by financial institutions (FIs), particularly in the realm of digital payments, online lending platforms and investment advisory and management services. This disruption is creating increasing competition for banks and other financial institutions.