Three key FinTech trends in 2025: Allen & Gledhill

25 February 2026

As Singapore strengthens its reputation as a leading global FinTech hub, its regulatory and industry landscape is being shaped by significant developments.

We are pleased to highlight the following three FinTech trends in Singapore in 2025 in this FinTech Update:

Key regulatory developments: The Monetary Authority of Singapore (“MAS”) enhanced its regulatory framework for digital token service providers (“DTSPs”) under the Financial Services and Markets Act 2022, requiring DTSPs which previously provided services only to customers outside of Singapore relating to digital payment tokens and tokens of capital market products to cease those activities from 30 June 2025. Various notices and guidelines on anti-money laundering and countering the financing of terrorism were also issued. MAS re-issued the Guide on Digital Token Offerings as the Guide on the Tokenisation of Capital Markets Products, acknowledging the emergence of new arrangements relating to issuances and offerings of digital tokens in Singapore. To address conduct risks and issues related to the use of digital media, MAS published new Guidelines on Standards of Conduct for Digital Advertising Activities to establish expectations for financial institutions (“FI”) on responsible and professional digital advertising practices, and a Guide on Responsible Financial Content Creation for online content creators. On the cybersecurity front, MAS’ Cyber and Technology Resilience Experts Panel made recommendations to enhance technology resilience and to tackle emerging threats. MAS also proposed guidelines for artificial intelligence (“AI”) risk management and published an information paper on Cyber Risks Associated with Deepfakes.
Partnership across borders: Singapore and Vietnam upgraded bilateral ties to a Comprehensive Strategic Partnership, with MAS and the State Bank of Viet Nam enhancing their existing Memorandum of Understanding (“MOU”) on Financial Innovation to expand cooperation on joint digital innovation projects, promote payment connectivity between Singapore and Vietnam, and support FinTech operations in both markets. MAS and Indonesia’s Financial Services Authority (Otoritas Jasa Keuangan) signed an MOU on Cooperation in Financial Technology. MAS and the UK Financial Conduct Authority announced the UK-Singapore AI-in-Finance Partnership to enable AI-in-Finance solution providers in Singapore and AI innovators in the UK to scale and operate best-in-class AI solutions across both markets more effectively. The Bank of England, MAS, and Bank of Thailand are collaborating to explore technical and policy implications of settling foreign exchange transactions using synchronised settlement mechanisms. MAS and Deutsche Bundesbank signed an MOU to collaborate on cross-border digital asset settlement. Singapore and China announced new financial and capital markets initiatives to deepen financial cooperation between the countries, including an MOU to strengthen digital cooperation and jointly explore the development of a Digital New International Land-Sea Trade Corridor.
Schemes and initiatives: MAS and the Association of Banks in Singapore announced the incorporation of the Singapore Payments Network which will consolidate the administration and governance of Singapore’s national payment schemes to position them for the next stage of growth. A new initiative, BLOOM (Borderless, Liquid, Open, Online, Multi-currency), was launched to extend the settlement capabilities offered by FIs. MAS also launched the MAS Pathfinder Programme for financial sector AI adoption and the Global-Asia Digital Bond Grant Scheme.