Singapore’s fintech story has always been about speed, but 2025 feels different. This is the year when years of policy work and infrastructure building move from pilot to production. Digital rails, data frameworks, and regulatory guardrails are now carrying volumes, serving users, and supporting activity that stretches well beyond Singapore’s borders.
The Singapore Fintech Report 2025 captures this shift in detail. This year, the report spotlights how Singapore’s discipline, policy foresight, and execution are quietly redrawing the map of Asian finance.
MAS’s new Digital Token Service Provider framework, for example, has set a benchmark for digital-asset regulation, while the launch of the Singapore Payments Network and the operationalisation of Project Nexus are turning cross-border interoperability from theory into reality.
Here’s how Singapore’s fintech evolution is unfolding.
The Financial Reality of Singapore’s Digital Banks
Singapore’s digital banks continued to gain ground in 2025, though profitability remained elusive across the board. Trust Bank led the pack with total income of S$96.9 million, successfully narrowing its losses by 27% to S$93.3 million, a near-breakeven performance compared to its peers.
GXS Bank recorded the steepest loss at S$145.4 million, even as its income more than doubled to S$29.6 million. MariBank followed with a strong total income rise of S$24.4 million, though its losses of S$51 million were only marginally lower than the year before.
ANEXT Bank generated S$44.9 million in total income, but its losses deepened to S$37.2 million.
Meanwhile, Green Link Digital Bank (GLDB) stood out as an exception. Its income surged 447% to S$47.8 million while losses plunged by 83% to just a little over S$5 million, suggesting early signs of operational stability.
Taken together, the results paint a picture of a maturing yet uneven landscape. Singapore’s digital banks are clearly scaling, yet the path to profitability remains sharply divided. Some, like Trust Bank and GLDB, are edging toward stability, while others continue to pursue growth.
The next years will test who can turn momentum into sustainable profits.
Singapore’s Fintech Map for 2025
The Singapore Fintech Map 2025 highlights a vibrant and fast-evolving ecosystem, featuring 520 fintech companies, marking a notable increase from 2024.
The payments sector remains the largest category, accounting for 20.4% of all fintechs with 106 companies, possibly a testament to Singapore’s maturity in digital payments and cashless adoption.
Beyond payments, wealthtech (12.7%), regtech (12.3%), and regulated crypto service providers (8.1%) emerged as the next strongest verticals, underscoring Singapore’s shift toward compliance-driven innovation and asset digitalisation.
Meanwhile, digital banks remain the smallest segment with five licensed players: Trust, GXS, MariBank, ANEXT, and GLDB, all maintaining their presence as the approved digital banks in Singapore.
The Latest Rundown on Cryptocurrency in Singapore
Singapore’s cryptocurrency market in 2025 reflects a more measured and regulated phase of growth. Ownership has eased to 29%, down from 40% in 2024, as investors adapt to stricter oversight and possibly are taking are more cautious stance.
The ecosystem itself remains active, supported by 36 licensed Digital Payment Token Service Providers under the Monetary Authority of Singapore’s framework.
While retail participation has softened, usage levels remain consistent. 57% of holders make at least one crypto transaction each month, and 52% have used crypto to pay for goods or services. Younger users continue to drive adoption, with Gen Z (40%) and Millennials (39%) accounting for most crypto holders.
Stablecoins are also gaining ground following the introduction of MAS’s regulatory framework in August 2024, signalling stronger trust in asset-backed digital currencies.
Regulation and Innovation Drive Singapore’s Financial Progress
Singapore’s regulatory landscape saw major advances in 2025, reinforcing its position as a trusted global financial hub. Key milestones included the Protection from Scams Bill in January, empowering police to freeze scam-linked accounts.
April saw the debut of Nexus Global Payments (NGP), supported by five Asian central banks, to enhance cross-border payment connectivity. The month also marked the opening of the Nexus Technical Operator (NTO) tender to manage Nexus’s technical and operational functions.
In June, the Monetary Authority of Singapore (MAS) introduced a regulatory regime for Digital Token Service Providers (DTSPs) serving overseas clients and, together with the Association of Banks in Singapore (ABS), established SPaN, a national framework for payment governance.
By July, Singapore moved closer to a cheque-free economy with the launch of EDP and EDP+, while in September, MAS and four major banks completed a quantum-safe banking trial, marking a leap forward in cybersecurity.
The year will conclude with the 10th Singapore Fintech Festival next week, celebrating a decade of progress and collaboration across the financial ecosystem.
Want the Full Picture of Singapore’s Fintech Landscape?
This article offers just a glimpse into how Singapore’s fintech ecosystem has evolved in 2025, from digital banks edging closer to profit to new regulatory milestones shaping the next decade of financial innovation.
The Singapore Fintech Report 2025 by Fintech News Singapore dives deeper into funding trends, sector breakdowns, policy updates, and key players driving Asia’s most advanced fintech hub.
Download the full report to explore exclusive insights, data charts, and in-depth analysis on what’s next for Singapore’s digital economy.
Featured image: Edited by Fintech News Singapore, based on image by pvproductions on Freepik
Other resources you might be interested in
Curious about other Asian fintech startup maps and reports? Here’s a handy guide looking at the fintech startup maps in Asia by country.
and the fintech startups report in Asia by country.
