The Enhance Group recently announced that it will open a new base in Singapore — its first location in Asia. Enhance, an industry-leading FinTech company that offers investment services, has experienced tremendous growth with the rise of FinTech. This new location will open in response to the expanding FinTech industry and increasing demand for financial technology services in Asia.
The Rise of FinTech
FinTech, or “Financial Technology,” is quickly reshaping the finance sector. In particular, FinTech is drastically changing the investment industry. Investment consultancy companies that use FinTech software, such as Enhance, are strategically positioning themselves in FinTech hotspots around the world.
The growth of FinTech companies is astounding. Just take a look at Enhance. Established in 2005, the company now has over £20 billion in assets across 12 jurisdictions. It has grown in leaps and bounds, opening its London and Cayman Islands offices just within the past year.
Singapore: a Mecca for FinTech
The company now has its sights on Singapore, an ideal hub for FinTech businesses with a high level of demand for FinTech investment services. Companies in finance and technology are seeking out Singapore because the country has one of the fastest growing markets in Asia.
Richard Sayers, Director and former CEO of Enhance, will oversee and manage the company’s new Singapore location. Richard expresses why Singapore is a great opportunity for Enhance and other FinTech companies:
“Asia is a key area of growth, and Singapore is an exciting gateway into the Asian markets, being both pro-business and well- regulated, requiring businesses to meet stringent requirements. There is a growing demand for wealth structuring in Asia, particularly following the demographic shift in China, where there is an unprecedented wealth transition from the first generation to the second following the country’s exponential economic rise. Given the trust sector is a relatively new one in key Asian jurisdictions, there is a real need for experienced professionals and businesses in trust and fiduciary management.”
According to Markus Gnirck, Co-Founder and COO of Startupbootcamp FinTech, Singapore is the top spot in Asia for FinTech ecosystem growth. Other Asian cities with hot FinTech ecosystems are Hong Kong, Shanghai, Seoul, Mumbai, Bangalore, and Tokyo. The sheer number of accelerators, incubators, and investors in Singapore place it at the top of the list. Additionally, it is important to remember Asia’s untapped markets, like the mobile payments sector, which also provide a wealth of new opportunity.
What FinTech Offers the Investment Industry
FinTech is quickly changing the face of investments, and it is changing it for the better. So, what exactly does FinTech have to offer? James Painter, CEO of Enhance:
“FinTech enables wealth managers to get the most out of their data. The information the software gleans delivers information that not only provides clarity but also insights that add real value. It identifies precisely what is happening with a client’s money, how, where and why growth is occurring (or not) and in turn informs the next steps wealth managers should take with their client’s investments. It enables us to see intricate patterns and, from them, make better-informed projections for portfolios. It essentially brings data to life, and with it, takes our clients’ investments much further.”
What are your thoughts on FinTech revolutionizing the way we invest? Leave your comments below!