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

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

According to PayNXT360, the embedded finance industry in the country is expected to grow by 11.2% annually to reach US$2,252.1 million 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$2,252.1 million in 2024 to reach US$6,542.3 million 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.

PayNXT360's 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 (2019-2028).

• 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.