Empower Your Finances: Cutting-Edge Fintech Solutions in Singapore

The emergence of fintech solutions web and mobile applications has laid the groundwork for an expanding economy, igniting a digital revolution in the BFSI sector that includes e-wallets, mobile banking, trading platforms, online payments, and much more.

To adapt and stay ahead of the curve, Singapore financial institutions and corporations seek the help of offshore companies that specialize in specialized fintech software development. However, not every IT service provider has the necessary capabilities and industry domain knowledge to match the strict criteria required for designing strong financial services solutions.

What Is Fintech?

Fintech is an abbreviation for “financial technology.” It refers to technology that is used to supplement, streamline, digitize, or disrupt traditional financial services.

Fintech refers to desktop and mobile software, algorithms, and applications. It also incorporates hardware in some circumstances, such as internet-connected piggy banks.

Fintech platforms facilitate routine actions such as depositing checks, transferring funds between accounts, paying bills, and applying for financial help. Fintech solutions also facilitate technically complex concepts such as peer-to-peer lending and cryptocurrency exchanges.

How Does Fintech Work?

Fintech offers people and businesses access to traditional financial services in innovative ways that were previously unavailable. For example, many traditional banks’ mobile apps now provide consumers with on-the-go access to bank services such as viewing your balance, transferring funds, or depositing a check. Meanwhile, robo-advisors are less expensive and more convenient than in-person financial advisor investing advice.

Many services used by businesses, such as loan underwriting and real estate appraisals, are also automated via fintech. Artificial intelligence paired with enormous amounts of consumer data assists fintech companies in understanding their clients and powering marketing campaigns, product development, and underwriting.

How We Picked The Top Fintech Solution Companies

• Innovation: The number one criterion we used to include companies on our list was innovation. We looked at how their solutions found innovative methods to solve customer problems.
• Market impact: We also picked companies based on their market impact, particularly on established financial institutions’ market share and business models.
• Scalability: Many of the companies on our list obtained funding from investors. We highlighted businesses that were able to quickly increase their operations and grow their user bases.
• User experience: Finally, we looked at the user experience of these fintechs and if they outperformed the incumbents in the sectors they serve.

5 Cutting-Edge Fintech Solutions in Singapore

SmartOSC

SmartOSC, with over 18 years of expertise, has operations across the world, including Australia, Singapore, Vietnam, and other countries. SmartOSC, which has a team of over 400 tech specialists with experience in the financial services industry, assists BFSI enterprises in improving operations, fostering innovation, and elevating products and services. 

This company provides a wide range of high-quality Fintech app development, including electronic trading platforms, cybersecurity measures, blockchain and cryptocurrency, digital payment systems, analytical analytics, financial planning, and management tools. 

SmartOSC offers clients in the Fintech services field to easily construct strong applications compatible with both iOS and Android platforms by leveraging the most recent tech stack and frameworks. With 30% senior-level engineers, their best Fintech developers are well-equipped to satisfy all of your Fintech needs, with a focus on quality, cost-effectiveness, and scalability.

Cash App

Cash App is a peer-to-peer payment service that enables clients to transmit money via their mobile devices. Its user base has risen since its inception in 2013, to reach 70 million yearly users by 2021.

In 2020, Cash App covered an investment section. The tool is only available to Adult US residents and allows them to trade fractional shares using the app. The 1.5% fee it charges for instant transfers to linked bank accounts generates money for the corporation. It also lends money to third-party institutions that its users deposit and charges interest on these loans.

Watch more: 10 Best Fintech Apps You Must Try in 2024

Square

Square entered the financial market in 2009 and continues to service a primarily business-to-business customer base. 

Square provides financial digital products for businesses. Square Capital offers merchants finance to help them manage their liquidity. Banking services are provided via its Square Financial Services affiliate (a member of the Federal Deposit Insurance Corporation).

Square also sells tangible products such as the Square Reader for credit cards, Square Stand, which converts an iPad into a point-of-sale (POS), and Square Register, the company’s other POS system.

Robinhood

Robinhood, an investment Fintech solutions firm, has been operating in the financial services market since 2013. Customers can trade equities, digital currencies, ETFs, and other financial market assets without paying any commissions. By 2017, the business had facilitated trades worth $30 billion!

Robinhood has established itself as a disruptive tech-driven startup in the finance market. When brokerage businesses like E-Trade started offering free trades to their users in 2019, they blamed it on competition from Robinhood. It had 15.9 million monthly active users in 2022.

Robinhood, like most financial technology solution providers, is subject to regulatory compliance. It is registered with the Securities and Exchange Commission (SEC) and falls under the authority of the Financial Industry Regulatory Authority (FINRA). 

Vention

Vention is a great partner with finance app development skills. Vention teams take startups and Fortune 500 organizations to new heights with two decades of experience, financial technology abilities, and a proactive strategy, providing a competitive edge with yearly savings exceeding $600,000.

Vention’s 36-month average engagement and support for 20+ client IPOs demonstrate its commitment to customers’ success, with a track record of 500+ award-winning clients and $15 billion in client acquisitions.

Vention can assist you at every level of your fintech journey, from advising services and idea generation to defining criteria, selecting technology stacks, and developing go-to-market strategies.

Watch more: Top 10 Fintech App Development Services in 2024

Conclusion

There is no doubt that innovative digital solutions that improve customer service and promote growth benefit Fintech businesses. Innovation thrives at the convergence of financial services and technology, and demand for cutting-edge Fintech solutions is at an all-time high.

If you want to learn more about Fintech solutions or need support with your fintech projects, SmartOSC is here to help. We are a major provider of digital technology services to the financial services industry in Singapore. SmartOSC has vast experience and competence in financial process technology. We can assist you in designing, developing, and scaling your financial innovations. Contact us today!