How Nordic Fintechs can position themselves in the Asia Pacific market

Fintech – A growing vital subsector in Singapore and Japan

McKinsey's latest research shows that revenues in the fintech industry are expected to grow almost three times faster than those in the traditional banking sector between 2023 and 2028.

The Asia-Pacific is home to the highest growing fintech industry in the world, housing some of the biggest players globally - and with more than USD 50.5 billion invested by Singapore and Japan in the market, it makes them two of the world's most attractive regions to position oneself. Despite the strong home players, countries in the region are growing increasingly interested in fintech solutions born in the Nordics due to their digital infrastructure, open-mindedness to new technologies, and eagerness for collaboration.

That’s why Copenhagen Fintech h with the support of The Trade Council , have been working since 2017 to establish a bridge with the Asia Pacific region to support Danish Fintech SMEs to establish essential relationships with financial regulators, the central bank, and the financial ecosystem in Singapore and Asia, including Japan - via a series of delegations to the Singapore and Japan.?

With 3-4 annual visits to the Asian Pacific region a year, from 2017 Copenhagen Fintech’s efforts have led to over 100 individuals and 40+ companies coming to Singapore, resulting in investments from venture capital funds in Danish firms and local partnerships (read about the partnership between Matter and Singlife with Aviva here).

Copenhagen Fintech itself also has close relationships with local banks, and one of our very own members, Chainalysis is based in the Asia Pacific region, and several Danish fintech companies - including SimCorp , have now a substantial presence in Singapore.

“I have said it before. I gladly repeat it again: if you want to understand fintech on a global scale - there is only one place to go. Go east!” – Thomas Krogh Jensen , CEO of Copenhagen Fintech reflecting on the Singapore 2022 delegation trip.

The Danish start-up Performativ - Wealth Management Software , which participated in the festival in 2022, received a significant investment from the Singaporean investor iGlobe Partners after attending the delegation (read more here).

"It was very rewarding at Singapore FinTech Festival . In particular, we were grateful for all the work done by The Trade Council and Copenhagen Fintech , as it has been crucial for securing us an investment in Performativ - Wealth Management Software . It is a huge milestone for us, a small Danish startup, to be on stage in Singapore next to the world's largest financial institutions. It is, and always has been, important that when you are from a small country like Denmark, you have to prove your worth every day. Our investment from iGlobe Partners helps us compete in an international market dominated by giants." - Albert Geisler Fox , CEO of Performativ - Wealth Management Software

Coming up this November

Copenhagen Fintech, with the support of The Trade Council l, is coordinating a delegation of up to 20 companies to Singapore – to attend Singapore FinTech Festival (SFF), the largest fintech gathering in the world (in 2019 a total of 60,000 participants were registered). SFF provides an extensive network for attendees, and rich opportunity to connect with prominent figures from within the space.

Coming in the 2023 delegation are: 2021.AI , AQRISK Banking Solutions , Aryze , Danske Bank , Doerscircle , Deon Digital AG , íslandsbanki , Longship Invest , Matter , Performativ - Wealth Management Software , Reality+ , Simple , Trust Stamp , United Fintech

?“Participating in the Copenhagen Fintech trip to the Singapore delegation in 2022 was undoubtedly one of the best strategic decisions I've made both personally and for Reality+. I would wholeheartedly recommend it to any like-minded companies looking to explore and penetrate the dynamic Asian market.” - ?Morten Rongaard, CEO of?Reality+