Singapore Embedded Finance Business and Investment Opportunities Databook - 75+ KPIs on Embedded Lending, Insurance, Payment, and Wealth Segments - Q2 2024 Update

The embedded finance industry in the country is expected to grow by 11.2% annually to reach US$2.25 billion in 2024.

The embedded finance industry is expected to grow steadily over the forecast period, recording a CAGR of 23.8% from 2024 to 2029. The country's embedded finance revenues will increase from US$2.25 billion in 2024 to reach US$6.54 billion by 2029.

Singapore's embedded finance sector has experienced consistent growth over the past few months, driven by the rise of open banking and advancements in technology. The sector is expected to continue expanding, supported by a thriving fintech ecosystem and strategic collaborations between traditional banks and startups. Recent innovations, such as KPMG's Embedded Finance Hub and Atome's enhanced payment solutions, highlight the sector's dynamism and focus on improving user experiences. Strategic partnerships, like that between Funding Societies and SGeBIZ, further illustrate the integration of financial services into various platforms. Regulatory advancements by the Monetary Authority of Singapore (MAS) ensure that growth is balanced with necessary safeguards, positioning Singapore as a leader in the Asian fintech landscape.

Singapore's embedded finance market is set for further expansion, buoyed by a vibrant fintech ecosystem and ongoing collaborations between traditional banks and innovative startups. As more companies adopt embedded finance strategies, Singapore is well-positioned to continue its leadership role in the Asian fintech landscape, offering seamless and integrated financial solutions to consumers and businesses.

Product & Innovations

KPMG's Embedded Finance Hub

In May 2024, KPMG launched Singapore's first Embedded Finance Hub, a collaborative platform designed to accelerate the adoption of embedded finance solutions across various industries. This hub fosters partnerships between corporates and financial institutions to create innovative financial products and services, enhancing the overall customer experience.

Atome's Enhanced Payment Solutions

Atome, a leading player in the embedded finance sector, has expanded its offerings in Singapore by improving its payment solutions. These solutions allow consumers to split purchases into interest-free installments, meeting the growing demand for flexible payment options in e-commerce. These product launches highlight Singapore's dynamic embedded finance landscape, which is driven by innovation and the integration of financial services into everyday transactions.

Strategic Partnerships

Funding Societies and SGeBIZ Collaboration

In early 2024, Funding Societies, a leading digital finance platform for Southeast Asian SMEs, partnered with Singapore E-Business (SGeBIZ). This collaboration aims to integrate B2B embedded finance solutions into SGeBIZ's procurement platform, enabling businesses to use features like Buy Now and Pay Later (BNPL) in their purchasing processes. These partnerships underscore the growing trend of integrating financial services into various platforms in Singapore, enhancing accessibility and convenience for consumers and businesses.

Regulatory Changes

Monetary Authority of Singapore's (MAS) Approach

MAS continues to adopt a forward-thinking approach to fintech regulation, encouraging innovation while ensuring financial stability. Initiatives like the FinTech Regulatory Sandbox allow startups to test embedded finance solutions in a controlled environment.

Collaboration with KPMG on the Embedded Finance Hub

In May 2024, MAS collaborated with KPMG to launch Singapore's first Embedded Finance Hub. This initiative aims to accelerate embedded finance adoption by developing joint capabilities between corporates and financial institutions, creating new growth opportunities.

Monitoring of Buy Now, Pay Later (BNPL) Sector

MAS is closely monitoring the BNPL sector due to rising concerns over consumer debt risks. The Singapore Fintech Association (SFA) established a BNPL Working Group in March 2022 to create a framework and code of conduct for BNPL providers, which took effect in November 2022.These regulatory developments demonstrate Singapore's commitment to nurturing the growth of embedded finance while balancing innovation with necessary safeguards and oversight.

This report offers a comprehensive, data-centric analysis of the embedded finance industry. It covers lending, insurance, payment, wealth and asset-based finance sectors and provides a detailed breakdown of market opportunities and risks across various sectors. With over 75+ KPIs at the country level, this report ensures a thorough understanding of embedded finance market dynamics, market size, and forecast.

It breaks down market opportunities by type of business model, consumer segment, and distribution model. In addition, it provides detailed information across various segments in each sector of embedded finance. KPI revenue helps in getting an in-depth understanding of end market dynamics.

The research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

Scope

This report provides in-depth, data-centric analysis of Embedded Finance industry in Singapore. Below is a summary of key market segments:

Singapore Embedded Finance Market Size and Forecast

• Embedded Finance by Key Sectors
• Retail
• Logistics
• Telecommunications
• Manufacturing
• Consumer Health
• Others
• Embedded Finance by Business Model
• Platforms
• Enabler
• Regulatory Entity
• Embedded Finance by Distribution Model
• Own Platforms
• Third Party Platforms

Singapore Embedded Insurance Market Size and Forecast

• Embedded Insurance by Industry
• Embedded Insurance in Consumer Products
• Embedded Insurance in Travel & Hospitality
• Embedded Insurance in Automotive
• Embedded Insurance in Healthcare
• Embedded Insurance in Real Estate
• Embedded Insurance in Transport & Logistics
• Embedded Insurance in Others
• Embedded Insurance by Consumer Segments
• B2B
• B2C
• Embedded Insurance by Type of Offering
• Embedded Insurance in Product Segment
• Embedded Insurance in Service Segment

Embedded Insurance by Business Model

• Platforms
• Enabler
• Regulatory Entity
• Embedded Insurance by Distribution Model
• Own Platforms
• Third Party Platforms
• Embedded Insurance by Distribution Channel
• Embedded Sales
• Bancassurance
• Broker’s/IFA’s
• Tied Agents
• Embedded Insurance by Insurance Type
• Embedded Insurance in Life Segment
• Embedded Insurance in Non-Life Segment
• Embedded Insurance in Non-Life Segment
• Motor Vehicle
• Fire and Property
• Accident and Health
• General Liability
• Marine, Aviation and other Transport
• Other

Singapore Embedded Lending Market Size and Forecast

• Embedded Lending by Consumer Segments
• Business Lending
• Retail Lending
• Embedded Lending by B2B Sectors
• Embedded Lending in Retail & Consumer Goods
• Embedded Lending in IT & Software Services
• Embedded Lending in Media, Entertainment & Leisure
• Embedded Lending in Manufacturing & Distribution
• Embedded Lending in Real Estate
• Embedded Lending in Other
• Embedded Lending by B2C Sectors
• Embedded Lending in Retail Shopping
• Embedded Lending in Home Improvement
• Embedded Lending in Leisure & Entertainment
• Embedded Lending in Healthcare and Wellness
• Embedded Lending in Other
• Embedded Lending by Type
• BNPL Lending
• POS Lending
• Personal Loans
• Embedded Lending by Business Model
• Platforms
• Enabler
• Regulatory Entity
• Embedded Lending by Distribution Model
• Own Platforms
• Third Party Platforms

Singapore Embedded Payment Market Size and Forecast

• Embedded Payment by Consumer Segments
• B2B
• B2C
• Embedded Payment by End-Use Sector
• Embedded Payment in Retail & Consumer Goods
• Embedded Payment in Digital Products & Services
• Embedded Payment in Utility Bill Payment
• Embedded Payment in Travel & Hospitality
• Embedded Payment in Leisure & Entertainment
• Embedded Payment in Health & Wellness
• Embedded Payment in Office Supplies & Equipment
• Embedded Payment in Other
• Embedded Payment by Business Model
• Platforms
• Enabler
• Regulatory Entity
• Embedded Payment by Distribution Model
• Own Platforms
• Third Party Platforms

Singapore Embedded Wealth Management Market Size and Forecast

Singapore Asset Based Finance Management Industry Market Size and Forecast

• Asset Based Finance by Type of Asset
• Hard Assets
• Soft Assets
• Asset Based Finance by End Users
• SME’s
• Large Enterprises

Reasons to buy

• In-depth Understanding of Embedded Finance Market Dynamics: Understand market opportunities and key trends along with forecast (2020-2029).
• Insights into Opportunity by end-use sectors - Get market dynamics by end-use sectors to assess emerging opportunity across various end-use sectors.
• Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate embedded finance strategy; assess market specific key trends, drivers, and risks in the industry.
• Get Sector Insights: Drawing from proprietary survey results, this report identifies opportunities across embedded lending, embedded insurance, embedded finance, and embedded wealth sectors.
• Get insights at segment level, by the distribution model and by business model in key embedded finance segments
• Insights into the asset based finance market size and by type of assets, by end users.