Over the past decade, fintech innovation has exploded in Singapore, and really across the world. This has reshaped how consumers and businesses interact with banks and handle our payment and banking transactions.
Advancements in WealthTech and InsureTech has also transformed the investment and insurance landscapes. At the same time, no conversation on fintech is complete without discussing blockchain and cryptocurrencies.
In recognition of Asia’s fintech revolution, the first-ever Fortune Fintech Innovators Asia 2024 list of 60 brands was announced – very fittingly, at the Singapore FinTech Festival (SFF) 2024.
Here, we spotlight 10 standout brands representing Singapore on this prestigious list.
Read Also: 9 Singaporean Women On The Fortune Most Powerful Women Asia 2024 List
#1 Coinhako
Category: Blockchain and Crypto
Category Rank: 9th out of 10
Coinhako is one of 10 blockchain and crypto brands featured on the Fortune Fintech Innovators Asia 2024 list – highlighting its impact in the blockchain space in the region.
Founded by Yusho Liu and Gerry Eng in 2014, Coinhako is one of Singapore’s pioneering cryptocurrency platforms. With real-time prices and an easy-to-use interface, users can seamlessly trade and manage popular cryptocurrencies like bitcoin, Ethereum, Cardano and other altcoins.
Coinhako also secured a Major Payment Institution (MPI) licence by MAS, making it a regulated provider under Singapore’s Payment Services Act.
As one of the earliest crypto wallets and exchanges in Southeast, Coinhako also played a key role in driving cryptocurrency education and adoption in the region.
#2 SeaBank
Category: Digital Banks
Category Rank 7th out of 15
Recognising its impressive growth and capabilities, SeaBank Indonesia was featured 7th under Fortune’s Digital Banks category. They are the Indonesian subsidiary of Singapore-based and NASDAQ-listed Sea Group.
Of course, Sea Group is the leading internet company founded in 2009, by now billionaire trio Forrest Li, Gang Ye and David Chen.
Leveraging Sea’s popular regional e-commerce platform Shopee to appeal to a wide range of customers, SeaBank Indonesia has grown to serve 13 million customers with total assets of nearly $2 billion.
Read Also: 10 Richest Persons In The World In 2024 And How They Built Their Wealth
#3 Trust Bank
Category: Digital Banks: Rising Stars
Category Rank: 5th out of 5
Trust Bank was another Singaporean brand in the Fortune Fintech Innovators Asia 2024 list. As one of the newest additions in Singapore’s banking space, it was aptly named in the Digital Banks: Rising Stars category, and ranked 5th in it.
Licenced by the MAS as a Full Bank in Singapore, Trust Bank is backed by a unique partnership between Standard Chartered Bank and FairPrice Group. Unlike traditional banks, Trust operates as a digital bank – without physical branches. This is not only to reduce cost and simplify its banking products, but to offer a personalised digital-centric service with speed and convenience.
By focusing on digital services, transparency, intuitive financial tools, and rewards tailored to individual lifestyles, Trust has set the digital banking standard for what people expect from their banking experience.
Read Also: Complete Guide To Trust Bank’s Products And Services
#4 Income Insurance
Category: InsureTech
Category Rank: 5th out of 10
Established in 1970, Income Insurance was rebranded (from NTUC Income) in 2022. As a leading insurer in Singapore, Income Insurance provides a wide range of products spanning life, health, motor, and home insurance, along with investment-linked and retirement solutions for individuals and families.
Income Insurance also has its roots in fulfiiling social responsibility – with products that are accessible and affordable. Another thing Income Insurance is known for is its products that are specifically built for lower income groups.
By combining affordability with high standards of service and reliability, Income Insurance has become a trusted partner for policyholders seeking financial security and peace of mind in an unpredictable world.
Read Also: A Simple Analysis Of NTUC’s Income Insurance Sale To Allianz
#5 AMTD PolicyPal
Category: InsureTech
Category Rank: 9th out of 10
AMTD PolicyPal is an InsurTech platform that brings innovative digital solutions to personal insurance management.
Founded in Singapore, PolicyPal was created to simplify and modernise how individuals buy, manage, and understand insurance. As part of AMTD Digital, post-acquisition in 2020, it benefits from an expansive network across Asia’s financial ecosystem, offering customers a wide array of insurance products from trusted providers.
With a focus on transparency and user-friendly design, PolicyPal empowers users to take control of their insurance needs seamlessly through a single digital platform. It caters to the modern consumer with personalised recommendations, simplified policy comparisons, and digital tools, making insurance more accessible and less intimidating for everyone.
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#6 Grab
Category: Payments
Category Rank: 4th out of 10
Better known as a ride hailing platform, Grab has come a long way since its founding in 2012 – growing into a superapp and entrenched into the payments system today.
Within its superapp, we can use GrabPay for a range of cashless payments, online and in physical stores. Today, we can also use Grab’s PayLater, a BNPL service that allows us to buy now, pay later without any interest or hidden fees.
Besides its own Grab superapp, has also entrenched itself in the financial sector with digital bank, GXS Bank – where Grab owns 60% and Singtel owns the remaining 40%.
#7 Endowus
Category: WealthTech
Category Rank: 4th out of 10
Designed to make professional investing accessible, affordable, and efficient for all, Endowus makes the Fortune Fintech Innovators Asia 2024 list under the WealthTech category – ranking 4th.
Endowus was the first, and currently still remains the only, platform that allows investors to manage our CPF, SRS and cash investments all in once place. Moreover, investors can also grow their money in a diverse range of investments – from long-term growth to shorter-term cash management accounts, and even private equity investments for accredited investors.
With a focus on providing institutional-grade investment solutions at a low cost, Endowus combines personalised financial advice with a commitment to transparency, ensuring that clients’ interests come first. In fact, Endowus started the trailer-rebate conversation – educating investors on trailer fees and how it eats into our potential returns in the long-term.
#8 StashAway
Category: WealthTech
Category Rank: 6th out of 10
In 2017, StashAway became the first MAS licenced digital wealth advisor platform in Singapore. Over the years, it has added to its product suite – enabling investors to embark on both long-term and shorter-term investments.
In essence, StashAway simplifies investing for everyone, making it easy for individuals to grow their wealth with minimal effort or knowledge. By offering low fees, easy-to-understand portfolios, and transparent reporting, StashAway empowers users to take control of their financial futures.
The platform’s automated investment strategies are built around modern portfolio theory and tailored to suit each user’s risk tolerance and financial goals. Whether saving for retirement, a major purchase, or simply to grow wealth, StashAway offers a convenient, smart, and cost-effective solution for Singapore investors.
Read Also: Investing With StashAway: How You Can Build Multiple Portfolios Through A Single Robo-Advisor
#9 Syfe
Category: WealthTech
Category Rank: 8th out of 10
Syfe is another WealthTech platform that enables retail investors in Singapore to grow their money in diverse portfolios.
Built for both new and experienced investors, Syfe offers a range of portfolio solutions, including those tailored for long-term growth, income generation, and even real estate exposure through REITs.
Its user-friendly app, low fees, and personalised portfolio advice, Syfe makes it easy for users to start, manage, and optimise their investment journeys. Syfe’s goal-based approach, coupled with automatic portfolio rebalancing and risk management, provides a smarter, hands-off way to grow wealth and achieve financial goals with confidence.
Read Also: Investing With Syfe: 7 Things You Need To Know About This Singapore’s Robo-Advisor
#10 Chocolate Finance
Category: WealthTech
Category Rank: 10th out of 10
Rounding up the 10 Singapore brands featured on the Fortune Fintech Innovators Asia 2024 list is Chocolate Finance.
Singapore-based Chocolate Finance offers daily returns on cash savings with no lock-in period or management fees. Uniquely, this low-barrier solution to optimise returns on cash savings offers users up to 3.6% p.a. on their cash savings.
Regulated by MAS, investors can also rest assured that their investments are professionally managed and information is provided transparently.
Giving investors even more assurance, on its website, Chocolate Finance also claims that if the investments do not earn the target returns, the company will step in to top-up shortfalls during qualifying periods.
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