Global Fintech Regulatory Frameworks - Comparative Analysis Part 2
By Ryan Teo
Director (Partnerships and Investments)
Garuda, Singa and Dragos Management Pte Ltd
6 March 2025
Outline
Part 1
Chapter 1 - EU MiCA
Chapter 2 - Dubai VARA
Chapter 3 - USA FIT21
Part 2
Chapter 4 - Singapore MAS
Chapter 5 - Other Notable Regulatory Regimes (Japan, China, Hong Kong, India, Indonesia, Kenya, Latin America
Part 3
Chapter 6 - Comparative Analysis of Global Fintech Regulations
Chapter 7 - Future Trends and Recommendations
Chapter 8 - Conclusion
Chapter 4: Monetary Authority of Singapore (MAS)
Historical Context
Singapore has long been a global financial hub, known for its robust regulatory framework and business-friendly environment. Over the past decade, the city-state has emerged as a leading center for fintech innovation, driven by its strategic location, strong infrastructure, and proactive regulatory approach.??
The Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, has played a pivotal role in fostering this growth. Recognizing the potential of blockchain and digital assets, MAS has implemented a balanced regulatory framework that encourages innovation while safeguarding financial stability and consumer protection.??
Regulatory Framework
MAS’s approach to fintech regulation is anchored in the Payment Services Act (PSA), enacted in 2019. The PSA provides a comprehensive framework for digital payment tokens (DPTs) and other payment services, ensuring clarity and consistency in oversight.??
1. Licensing Regime:??
???The PSA introduces a tiered licensing system, differentiating between Standard Payment Institutions (SPIs) and Major Payment Institutions (MPIs).??
???- SPIs: For smaller firms with lower transaction volumes, subject to lighter regulatory requirements.??
???- MPIs: For larger firms with significant transaction volumes, subject to stricter oversight, including higher capital requirements and enhanced AML/CFT measures.??
???This tiered approach ensures that regulatory burdens are proportionate to the scale and risk profile of the business.??
2. Digital Payment Tokens (DPTs):??
???MAS defines DPTs as digital representations of value that can be transferred, stored, or traded electronically. Under the PSA, firms dealing in DPTs must obtain a license and comply with AML/CFT requirements, including KYC and transaction monitoring.??
???In 2023, MAS introduced additional measures to restrict retail speculation in DPTs, citing concerns about consumer protection. These measures include banning the use of credit cards for crypto purchases and requiring platforms to provide risk warnings to retail investors.??
3. AML/CFT Compliance:??
???MAS enforces stringent AML/CFT measures, aligning with the Financial Action Task Force (FATF) standards. Licensed entities must implement robust due diligence procedures, monitor transactions for suspicious activities, and report to MAS regularly.??
4. Project Guardian:??
???MAS has launched several initiatives to explore the potential of blockchain and digital assets. One notable example is Project Guardian, a collaborative effort with industry players like JPMorgan and DBS Bank to pilot tokenized assets and decentralized finance (DeFi) solutions.??
Strengths?
- Clarity and Trust: MAS’s clear and consistent regulatory framework has earned the trust of businesses and investors.??
- Balanced Approach: The tiered licensing system and sandbox programs strike a balance between innovation and risk management.??
- Global Leadership: Singapore’s proactive stance has positioned it as a global leader in fintech regulation.??
Weaknesses
- High Compliance Costs: The stringent requirements for MPIs may deter smaller firms from entering the market.??
- Restrictive Measures: The 2023 restrictions on retail speculation have been criticized for stifling retail participation in the crypto market.??
- Regional Competition: Singapore faces increasing competition from other fintech hubs like Hong Kong and Dubai.??
Case Study: Three Arrows Capital (3AC) Collapse
The collapse of Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, in 2022 highlighted the risks associated with unregulated activities. While 3AC was not directly regulated by MAS, the incident prompted the regulator to tighten oversight of the crypto sector.??
In response, MAS introduced stricter capital requirements for crypto firms and enhanced its surveillance capabilities. These measures aim to prevent similar incidents and protect investors from systemic risks.??
Comparative View: MAS vs. MiCA
MAS and MiCA share a common goal of fostering innovation while ensuring consumer protection. However, their approaches differ in several key areas:??
- Scope: MiCA covers a broader range of crypto-assets, including stablecoins, while MAS focuses on DPTs and payment services.??
- Enforcement: MAS’s centralized oversight contrasts with MiCA’s reliance on national competent authorities.??
- Innovation: MAS’s sandbox programs and Project Guardian are more innovation-friendly than MiCA’s rigid stablecoin rules.??
Conclusion?
MAS’s regulatory framework has been instrumental in establishing Singapore as a global fintech hub. Its balanced approach, combining clarity, flexibility, and robust oversight, provides a model for other jurisdictions. However, as the fintech landscape continues to evolve, MAS will need to adapt its policies to address emerging risks and maintain its competitive edge.??
Chapter 5: Other Notable Regulatory Regimes
While MiCA, VARA, FIT21, and MAS represent some of the most prominent fintech regulatory frameworks, other jurisdictions have also developed innovative approaches to governing digital assets and financial technology. This section explores the regulatory landscapes of Japan, Hong Kong, China, and India, highlighting their unique strengths, weaknesses, and contributions to the global fintech ecosystem.??
5.1 Japan: Rigorous Consumer Protection
Historical Context
Japan has been a pioneer in fintech regulation, particularly in the crypto space. Following the collapse of Mt Gox in 2014, the Japanese government took swift action to establish a robust regulatory framework. The Payment Services Act (PSA), enacted in 2017, laid the foundation for regulating crypto exchanges and protecting consumers.??
Key Regulations??
1. Licensing Requirements:
???Crypto exchanges must obtain a license from the Financial Services Agency (FSA) and comply with strict operational standards, including cybersecurity measures and fund segregation.??
2. Stablecoin Rules:??
???In 2023, Japan introduced new regulations requiring stablecoins to be backed by fiat currency and issued by licensed banks. This move aims to enhance stability and prevent incidents like the Terra collapse.??
3. AML/CFT Compliance:??
???Japan aligns with FATF standards, enforcing stringent KYC and transaction monitoring requirements. The Travel Rule, which mandates the sharing of transaction data between exchanges, is also strictly enforced.??
Strengths??
- High Consumer Trust: Japan’s rigorous oversight has fostered a high level of trust among investors.??
- Clear Guidelines: The FSA provides detailed guidance, reducing regulatory uncertainty for businesses.??
- Global Influence: Japan’s regulatory framework serves as a model for other Asian countries.??
Weaknesses?
- Barrier to Entry: The high compliance costs and stringent requirements may deter startups and smaller firms.??
- Slow DeFi Integration: Japan’s cautious approach has limited the growth of decentralized finance (DeFi) within its borders.??
Case Study: Line Corporation’s BitMax Exchange?
Line Corporation, a major Japanese tech firm, launched BitMax, a licensed crypto exchange, in 2021. By complying with the PSA, BitMax has gained a reputation for security and reliability, attracting both retail and institutional investors.??
Global Influence??
Japan’s regulatory framework has influenced other Asian countries, such as South Korea and Thailand, which have adopted similar measures to enhance consumer protection.??
5.2 Hong Kong: Aspiring Crypto Hub
Historical Context
Hong Kong has long been a global financial center, but its approach to crypto regulation has evolved significantly in recent years. In 2023, the Hong Kong government introduced a new licensing regime for virtual asset service providers (VASPs), signaling its ambition to become a leading crypto hub.??
Key Regulations?
1. Licensing Regime:
???VASPs must obtain a license from the Securities and Futures Commission (SFC) and comply with AML/CFT requirements. Licensed exchanges, such as HashKey and OSL, are allowed to serve retail investors.??
2. Retail Access:??
???Unlike Singapore, which restricts retail speculation, Hong Kong allows retail investors to trade certain crypto assets, provided they receive risk warnings and educational materials.??
3. AML/CFT Compliance:??
???Hong Kong aligns with FATF standards, enforcing strict KYC and transaction monitoring requirements. The Travel Rule is also implemented to enhance transparency.??
Strengths
- Progressive Yet Secure: Hong Kong’s balanced approach attracts both businesses and investors.??
- Gateway to China: Hong Kong serves as a bridge between China and the global crypto market.?
Weaknesses??
- Geopolitical Risks: Tensions between Hong Kong and mainland China could impact its regulatory environment.??
- Competition: Hong Kong faces stiff competition from Singapore and Dubai for crypto firms.??
Case Study: HashKey’s $100M Series A Funding??
HashKey, a licensed crypto exchange in Hong Kong, raised $100 million in a Series A funding round in 2023. The funding underscores investor confidence in Hong Kong’s regulatory framework and its potential as a crypto hub.??
Regional Role??
Hong Kong’s progressive stance positions it as a key player in Asia’s fintech ecosystem, complementing Singapore’s more conservative approach.??
5.3 China: State-Controlled Fintech??
Historical Context??
China has taken a unique approach to fintech regulation, characterized by strict state control and a focus on central bank digital currencies (CBDCs). In 2021, China banned all crypto trading and mining, citing financial stability and environmental concerns. However, the country has made significant strides in developing its digital yuan (e-CNY).??
Key Regulations??
1. Crypto Ban:??
???China prohibits all crypto-related activities, including trading, mining, and initial coin offerings (ICOs).??
2. Digital Yuan (e-CNY):??
???The People’s Bank of China (PBOC) has piloted the e-CNY in 26 cities, achieving a transaction volume of over $13 billion in 2023. The e-CNY is designed to enhance financial inclusion and reduce reliance on private payment systems like Alipay and WeChat Pay.??
3. Ant Group Oversight:??
???The PBOC has tightened oversight of fintech giants like Ant Group, requiring them to restructure their operations and comply with stricter capital requirements.??
Strengths??
- Pioneering CBDCs: China is a global leader in CBDC development, setting a benchmark for other countries.??
- Financial Inclusion: The e-CNY aims to provide access to financial services for underserved populations.??
Weaknesses??
- Stifled Innovation: The crypto ban has limited private-sector innovation and driven talent and capital overseas.??
- Capital Flight Risks: Chinese investors have turned to offshore platforms to access crypto markets, raising concerns about capital flight.??
Case Study: Tencent’s WeChat Pay Integration??
Tencent has integrated e-CNY wallets into its WeChat Pay platform, enabling users to make digital yuan transactions seamlessly. This integration highlights the potential of CBDCs to transform payment systems.??
Global Impact??
China’s approach to fintech regulation, particularly its focus on CBDCs, has influenced other countries exploring digital currencies, such as India and the European Union.??
5.4 India: Regulatory Caution and Innovation??
Historical Context??
India’s fintech journey has been marked by rapid growth and regulatory caution. In 2018, the Reserve Bank of India (RBI) banned banks from servicing crypto businesses, a decision overturned by the Supreme Court in 2020. Since then, India has taken a cautious approach to crypto regulation while embracing digital payments and CBDCs.??
Key Regulations??
1. Tax Policies:??
???In 2022, India introduced a 30% tax on crypto gains and a 1% tax deducted at source (TDS) on transactions. These measures aim to curb speculation but have led to a decline in trading volumes on local exchanges.??
2. Unified Payments Interface (UPI):??
???India’s UPI system, which processes over 8 billion transactions annually, has become a global benchmark for digital payments.??
3. Digital Rupee (e-Rupee):??
???The RBI has launched pilot programs for both wholesale and retail CBDCs, focusing on financial inclusion and interoperability with private payment systems.??
Strengths??
- Thriving Digital Payments: UPI has transformed India’s payment landscape, enabling seamless transactions for millions of users.??
- Tech Talent Pool: India’s large pool of tech talent supports innovation in fintech and blockchain.??
Weaknesses??
- Ambiguity in Crypto Laws: The lack of clear regulations has created uncertainty for crypto businesses.??
- High Compliance Costs: The 1% TDS has driven users to offshore platforms, reducing revenue for local exchanges.??
Case Study: CoinSwitch Kuber??
CoinSwitch Kuber, once India’s largest crypto app, saw a 75% decline in users after the introduction of the 30% tax. The company has since pivoted to wealth management, offering regulated mutual funds.??
Regional Leadership??
India’s G20 presidency in 2023 has provided a platform to advocate for global crypto standards, positioning the country as a leader in fintech regulation.??
5.5 Indonesia: Balancing Growth and Stability??
Historical Context??
Indonesia, the largest economy in Southeast Asia, has seen explosive growth in its fintech sector, driven by a young, tech-savvy population and widespread mobile internet adoption. The country’s fintech ecosystem is one of the most vibrant in the region, with digital payments, peer-to-peer (P2P) lending, and blockchain-based solutions gaining significant traction.??
However, this rapid growth has also raised concerns about financial stability, consumer protection, and the potential for fraud. In response, the Indonesian government, through the Financial Services Authority (Otoritas Jasa Keuangan, or OJK) and Bank Indonesia (BI), has implemented a regulatory framework aimed at fostering innovation while mitigating risks.??
Key Regulations??
1. Licensing and Registration:??
???- Fintech companies must register with the OJK and obtain the necessary licenses to operate. For example, P2P lending platforms are required to secure a license under OJK Regulation No. 77/2016.??
???- Crypto asset trading platforms must be registered with the Commodity Futures Trading Regulatory Agency (BAPPEBTI) and comply with its rules.??
2. Digital Payments:??
???- Bank Indonesia regulates digital payment systems, including e-wallets and QR-based payments, under its Payment System Policy (PBI).??
???- In 2023, BI introduced a national QR code standard (QRIS) to unify the fragmented digital payments landscape and promote interoperability.??
3. Crypto Asset Regulation:??
???- Indonesia does not recognize cryptocurrencies as legal tender but allows them to be traded as commodities.??
???- Crypto exchanges must comply with BAPPEBTI’s rules, including KYC requirements, transaction reporting, and capital adequacy standards.??
4. AML/CFT Compliance:??
???- Fintech companies must adhere to strict AML/CFT regulations, including customer due diligence and transaction monitoring.??
???- The Indonesian government has also implemented the FATF Travel Rule for crypto transactions.??
Strengths??
- Rapid Growth: Indonesia’s fintech sector is one of the fastest-growing in the world, supported by a large unbanked population and high mobile penetration.??
- Regulatory Clarity: The OJK and BI provide clear guidelines for fintech companies, reducing regulatory uncertainty.??
- Innovation-Friendly: Indonesia’s regulatory sandbox allows startups to test new products and services under supervision.??
Weaknesses??
- Enforcement Challenges: The rapid growth of the fintech sector has strained regulatory resources, leading to concerns about enforcement effectiveness.??
- Fraud Risks: The P2P lending sector has faced issues with fraudulent platforms, highlighting the need for stronger oversight.??
- Crypto Restrictions: The ban on using cryptocurrencies as payment instruments limits their utility and adoption.??
Case Study: GoPay and the Rise of E-Wallets??
GoPay, the digital payment arm of Gojek (now GoTo), is one of Indonesia’s most successful fintech companies. By integrating e-wallet services into its super app, GoPay has become a dominant player in Indonesia’s digital payments market. However, its success has also drawn regulatory scrutiny, particularly around data privacy and competition.??
Regional Influence??
Indonesia’s fintech regulations have influenced other ASEAN countries, such as Thailand and the Philippines, which are also grappling with the challenges of regulating a rapidly evolving sector.??
5.6 Kenya: M-Pesa and Mobile Money Innovation
Historical Context??
Kenya is often hailed as the birthplace of mobile money, thanks to the groundbreaking success of M-Pesa, a mobile-based payment system launched by Safaricom in 2007. M-Pesa revolutionized financial inclusion in Kenya and beyond, providing millions of unbanked individuals with access to financial services.??
Key Features of M-Pesa??
1. Accessibility: M-Pesa allows users to deposit, withdraw, and transfer money using basic mobile phones, without the need for a bank account.??
2. Agent Network: A vast network of agents (often small shop owners) facilitates cash-in and cash-out transactions, making the service widely accessible even in rural areas.??
3. Integration: M-Pesa has expanded beyond payments to offer services like microloans, savings accounts, and bill payments.??
Regulatory Environment??
- The Central Bank of Kenya (CBK) played a crucial role in M-Pesa’s success by adopting a light-touch regulatory approach initially, allowing the service to scale rapidly.??
- Over time, the CBK introduced stricter regulations to address risks such as money laundering and fraud, while continuing to support innovation.??
Impact
- M-Pesa has been instrumental in driving financial inclusion in Kenya, with over 80% of adults using the service.??
- It has also inspired similar mobile money initiatives in other African countries, such as Tanzania, Uganda, and Ghana.??
Challenges??
- Fraud and Scams: The rapid growth of mobile money has led to an increase in fraud, prompting regulators to enhance oversight.??
- Competition: The success of M-Pesa has attracted competitors, leading to market fragmentation and pricing pressures.??
Global Influence??
M-Pesa’s success has demonstrated the transformative potential of mobile money, influencing regulators and fintech companies worldwide to explore similar solutions for financial inclusion.??
5.7 Latin America: Fintech Innovation in Emerging Markets??
Latin America has emerged as a hotbed for fintech innovation, driven by high levels of financial exclusion, a young population, and increasing smartphone penetration. Countries like Brazil, Mexico, and Argentina are leading the way with innovative solutions in digital payments, lending, and blockchain.??
Brazil: Open Banking and Pix??
Open Banking:??
- In 2021, Brazil launched its open banking initiative, requiring financial institutions to share customer data (with consent) to promote competition and innovation.??
- This has enabled fintech startups to offer personalized financial products and services, such as budgeting tools and credit scoring.??
Pix:??
- Launched by the Central Bank of Brazil in 2020, Pix is an instant payment system that allows users to transfer funds 24/7 using QR codes or mobile numbers.??
- Pix has become wildly popular, processing over 100 million transactions per day within a year of its launch.??
Regulatory Environment:??
- The Central Bank of Brazil has been proactive in fostering fintech innovation while ensuring consumer protection and financial stability.??
- Brazil’s regulatory sandbox allows startups to test new products under supervision.??
Mexico: Cryptocurrency Adoption??
Cryptocurrency Regulation:??
- Mexico has taken a cautious approach to crypto regulation, with the Bank of Mexico (Banxico) warning against the risks of cryptocurrencies.??
- However, the country has seen significant crypto adoption, driven by remittances and a large unbanked population.??
Case Study: Bitso:??
- Bitso, a Mexican crypto exchange, has become one of the largest in Latin America, offering services like remittances and cross-border payments.??
- Bitso’s success highlights the potential of crypto to address financial inclusion challenges in the region.??
Argentina: Inflation and Digital Dollars??
Stablecoin Adoption:??
- Argentina’s high inflation rate has led to widespread adoption of stablecoins like USDT and USDC as a store of value.??
- Many Argentinians use crypto to protect their savings from currency devaluation.??
Regulatory Challenges:??
- The Argentine government has struggled to balance innovation with financial stability, leading to a fragmented regulatory environment.??
- However, the country’s fintech sector continues to grow, driven by demand for alternative financial solutions.??
El Salvador: Bitcoin as Legal Tender??
Historical Context??
In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, alongside the US dollar. This bold move was spearheaded by President Nayib Bukele, who aimed to reduce reliance on the US dollar, lower remittance costs, and attract foreign investment.??
Key Features of Bitcoin Adoption??
1. Chivo Wallet:??
???- The government launched Chivo, a state-backed Bitcoin wallet, to facilitate transactions.??
???- Users were incentivized with a $30 Bitcoin bonus for downloading the app.??
2. Bitcoin ATMs:??
???- El Salvador installed hundreds of Bitcoin ATMs across the country to enable easy conversion between Bitcoin and US dollars.??
3. Volcano Bonds:??
???- The government announced plans to issue Bitcoin-backed bonds to fund infrastructure projects, including a Bitcoin city powered by geothermal energy from volcanoes.??
Impact??
- Remittances: Bitcoin has significantly reduced the cost of remittances, which account for over 20% of El Salvador’s GDP.??
- Financial Inclusion: Bitcoin adoption has provided access to financial services for many unbanked Salvadorans.??
- Tourism and Investment: The move has attracted crypto enthusiasts and investors, boosting tourism and foreign interest.??
Challenges??
- Volatility: Bitcoin’s price volatility has created uncertainty for businesses and consumers.??
- Adoption Barriers: Many Salvadorans remain skeptical of Bitcoin, preferring the stability of the US dollar.??
- Technical Issues: The Chivo wallet faced technical glitches and security concerns, undermining trust in the system.??
Global Implications??
El Salvador’s experiment with Bitcoin has sparked global debate about the role of cryptocurrencies in national economies. While some view it as a bold step toward financial innovation, others caution against the risks of adopting a highly volatile asset as legal tender.??
Venezuela: Petro and the Push for Economic Stability??
Historical Context??
Venezuela’s economic landscape, marred by hyperinflation, U.S. sanctions, and the collapse of its national currency (the bolívar), has driven citizens to seek alternatives to traditional financial systems. While the government launched the Petro in 2018—a state-backed cryptocurrency tied to oil reserves—its adoption has been limited due to public distrust and technical flaws. Instead, decentralized cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have gained traction organically, becoming lifelines for everyday transactions, savings, and remittances.?
Key Features of Crypto Adoption in Venezuela??
1. Grassroots Reliance on BTC and ETH:??
???- Daily Transactions: Small businesses, street vendors, and even farmers increasingly accept BTC and ETH for everyday purchases, from groceries to public transportation. For example, farmers’ markets in Caracas and Maracaibo display QR codes linked to crypto wallets, enabling seamless transactions.??
???- Remittances: Venezuelans abroad use BTC and ETH to send money to family members, bypassing expensive remittance services and avoiding bolívar depreciation.??
???- Savings: Citizens convert bolívars to BTC or ETH to preserve value amid hyperinflation, which has rendered the bolívar nearly worthless (annual inflation exceeded 1,000,000% in 2021).??
2. Petro’s Limited Role:??
???- The government mandates the usage of Petro for specific transactions (e.g., passport fees, taxes), but public skepticism persists due to its opaque governance and lack of utility.??
???- Petro’s value is pegged to oil reserves, but its centralized design and political associations deter widespread adoption.??
3. Cryptocurrency Mining:??
???- Venezuela’s subsidized electricity costs have spurred a surge in Bitcoin mining, despite periodic crackdowns. Mining cooperatives operate semi-legally, often paying bribes to authorities.??
Key Features of the Petro??
1. Oil-Backed:??
???- The Petro is backed by Venezuela’s vast oil reserves, providing it with intrinsic value.??
2. Government Mandates:??
???- The Venezuelan government has mandated the use of the Petro for certain transactions, such as passport fees and taxes.??
3. International Sales:??
???- Venezuela has attempted to sell the Petro to international investors, though with limited success due to skepticism and regulatory hurdles.??
Impact??
- Sanctions Evasion: The Petro has provided Venezuela with a mechanism to bypass US sanctions and access international markets.??
- Domestic Use: While adoption remains limited, some Venezuelans use the Petro for everyday transactions, particularly in rural areas.??
Challenges??
- Lack of Trust: Many Venezuelans view the Petro with suspicion, associating it with government mismanagement and corruption.??
- Hyperinflation: The Petro has struggled to gain traction in an economy plagued by hyperinflation and currency devaluation.??
- International Skepticism: The global community has largely rejected the Petro, citing concerns about transparency and governance.??
Case Study: Bitcoin in Margarita Island??
Margarita Island, a free-trade zone, has emerged as a hotspot for crypto adoption. Local businesses, including cafes, pharmacies, and taxi services, accept BTC and ETH. The island’s Bitcoin Beach initiative—modeled after El Salvador’s experiment—provides free Wi-Fi and educates residents on crypto wallets.??
Challenges??
- Volatility: While BTC and ETH are more stable than the bolívar, their price fluctuations still pose risks for daily users.??
- Infrastructure Barriers: Limited internet access and smartphone penetration hinder adoption in rural areas.??
- Regulatory Uncertainty: Despite tacit tolerance of decentralized crypto, the government occasionally cracks down on mining operations or freezes bank accounts linked to crypto activity.??
Case Study: Cryptocurrency Adoption in Venezuela??
Despite the challenges with the Petro, Venezuela has seen significant adoption of decentralized cryptocurrencies like Bitcoin and Dash. Many Venezuelans use these assets to protect their savings from hyperinflation and access global markets.??
Global Implications??
Venezuela’s experience with the Petro highlights the potential and pitfalls of state-backed cryptocurrencies. While it offers a novel approach to addressing economic challenges, its success depends on public trust and international acceptance.??
Venezuela’s crypto adoption highlights two contrasting narratives:??
1. State-Driven Initiatives: The Petro reflects government efforts to bypass sanctions and control financial systems, but its failure underscores the importance of public trust.??
2. Grassroots Innovation: BTC and ETH demonstrate how decentralized technologies empower individuals in crisis economies, offering financial autonomy outside traditional institutions.??
Impact of Fintech in Latin America:??
- Fintech has played a crucial role in driving financial inclusion in Latin America, where over 50% of the population remains unbanked.??
- Digital payments, microloans, and crypto-based solutions are helping to bridge the gap, particularly in rural and underserved areas.?
Profile
Ryan Teo
Director, Partnerships and Investments
Garuda, Singa and Dragos Management Pte Ltd (UEN: 202440437H)
Marketing (strategy, digital and OTO) and APAC GTM for 15 years.
Ex-COO and Ex-CMO of various SMEs
Delivered over USD 20 million in project value on time and within budget as a former Project Manager in critical and heavily regulated industries like healthcare (public and private) and finance/ fintech
Deal flow - Sourcing and risk management, deal sizes: USD 2 million or USD 10 million
National University of Singapore Faculty of Engineering (2006), Fudan Business School (2009), MIT Fintech (2016)
English/ 中文/ 日本語/ ein bisschen Deutsch
Secure email: Secure email: [email protected]
LinkedIn: www.dhirubhai.net/in/ryanteocc
Articles for clients: ryanteocc.wordpress.com