BUILDING IT RIGHT, FOR GOOD

Varun Mittal and Lillian Koh

Chapter 2 in The FinTech Nation:Excellence Unlocked in Singapore, 2023, pp 17-40 from World Scientific Publishing Co. Pte. Ltd.

Abstract: To those unfamiliar with Singapore’s legal culture, the concept of “fines” for specific public transgressions is almost unbelievable. People cannot comprehend how Singapore regulates its high fines, from USD1,000 for feeding birds in public places to the severe penalty for chewing gum in the entire island nation. However, Singapore’s detail-oriented nature extends beyond controlling these minuscule acts and has played a vital role in shaping the country’s business ecosystem. A positive attitude towards foreign and local businesses drives Singapore’s renowned ease of business. With an optimum level of regulation, Singapore has developed a near-utopic ecosystem where businesses work in tandem with the regulators, leading to maximum compliance…

Keywords: FinTech; FinTech Trend; Global FinTech Development (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2023
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