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Singapore Is Beating Hong Kong in Asia's Fintech Race

  • Fintechs give Southeast Asian city the nod on government help
  • Singapore fintech festival draws 11,000 participants
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Tax benefits, government help and easy access to regional markets led Joe Seunghyun Cho to choose Singapore as the headquarters for his six financial technology companies, rather than base them in the rival hub of Hong Kong or his native South Korea.

“We are quite impressed by government agencies here,” said Cho, whose Marvelstone Group is developing a mobile payments platform and invests in other fintech firms. Singapore authorities introduced him to tax advantages and connected his firm to potential partners.