The Singapore FinTech Association (SFA) and PwC Singapore have launched the Payments’ State of Play 2026 report.
This study reaffirms the city-state’s position as a premier hub for digital and cross-border payments in the region.
It details how a decade of innovation and regulatory development has transformed the landscape, creating one of the most advanced payment markets in the world.
High digital adoption underpins this success, as over 98% of Singapore’s adult population currently holds a bank account.
Consequently, digital wallets and real-time platforms like PayNow now dominate everyday transactions. Projections suggest digital wallet transactions will reach S$89 billion by 2027.
Funding also serves as a key differentiator for the sector.
During the first nine months of 2025, the industry raised over US$319 million, surpassing the combined fintech funding of Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
Furthermore, Singapore is establishing itself as a significant digital asset centre. It currently represents over 70% of Southeast Asia’s non-USD stablecoin market, specifically pegged to the Singapore Dollar.
The country’s influence in global currency markets also continues to rise. Average daily trading volumes for foreign exchange reached US$1.485 trillion in 2025, marking a 60% increase from 2022.
“The report highlights how progressive regulation, industry collaboration and technology adoption have positioned Singapore as a leading hub for real-time and cross-border payments,” said Holly Fang, President of the SFA.
Fang’s focus on international connectivity extends to her recent appointment as Chief Business Officer at Finmo, where she will oversee the company’s partner ecosystem and regulatory growth as it scales globally.
Looking ahead, the report identifies AI-powered solutions, embedded finance, and tokenised deposits as primary drivers for future growth.
However, challenges regarding security persist.
Singapore recorded S$840.3 million in losses from scams as of November 2025.
This development necessitates a more unified and coordinated approach to fraud prevention among industry stakeholders.
Featured image: Edited by Fintech News Singapore based on an image by farknot via Freepik.
