In the first 9 months before 2025, Singapore's financing in the payment sector exceeded 319 million USD

Recently, the Singapore FinTech Association (SFA) and PwC Singapore jointly released the report "2026 Payment Industry Status," which shows that Singapore continues to lead Southeast Asia and even the world in the payment sector. In the first nine months of 2025, financing in the payment sector exceeded USD 319 million, surpassing the total financing of five countries, including Indonesia and Malaysia, highlighting its core voice in the regional payment field. The report points out that during the same period, financing in Singapore's payment sector accounted for 44% of the total fintech financing in the country, with investor interest continuing to rise. Data shows that Singapore's digital payment development momentum is strong, with a transaction volume reaching USD 39.37 billion in 2023, expected to increase to USD 113.65 billion by 2030; as the country with the highest cashless payment penetration rate in Southeast Asia, its cashless rate for retail POS transactions reached 97% in 2022. The high penetration of the user base has laid a solid foundation for the development of the payment industry. Currently, the adult bank account ownership rate in Singapore exceeds 98%, and the number of mobile wallet users is expected to reach 3.2 million by the end of 2025, more than doubling since 2020, with a compound annual growth rate of about 16.4%. By 2027, digital wallets are expected to dominate online and offline transactions, with a transaction volume reaching USD 69.86 billion and a compound annual growth rate of about 21.4%. The generational shift in payment behavior is particularly evident. The usage rate of digital wallets among millennials is 70%, far higher than the 39% of the baby boomer generation; Generation Z frequently uses digital wallets for cross-border payments, with 68% of Singapore's Generation Z preferring to use PayNow. Overall, 30% of Singapore consumers rely solely on mobile payments, a significantly higher proportion than the global average. Singapore's ability to become a regional hub for fintech and payment innovation is attributed to a favorable regulatory environment and close cooperation between the public and private sectors. Its payment industry is strictly regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act of 2019, ensuring safety and innovation in the industry. PwC Singapore's fintech leader, Huang Wan Yi, stated that the application of technologies such as real-time payments and blockchain has propelled Singapore to become a global payment innovation hub, but the fraud risks brought by the growth of digital transactions still need to be vigilant, requiring collaboration to strengthen security measures. The president of the Singapore FinTech Association, Fang Hao Li, pointed out that technologies such as generative artificial intelligence and real-time cross-border payment networks will further promote the payment sector towards borderless, fully digital development, and Singapore is expected to continue consolidating its position as a global payment hub. The report also predicts that by November 2025, 92% of Singaporeans will have used digital payments; by 2030, the total transaction value of Singapore's digital economy is expected to reach USD 40 billion to USD 65 billion; and the volume of real-time payment transactions in the Asia-Pacific region is expected to double by 2027, with Singapore continuing to lead industry development through systems like PayNow