SINGAPORE Trends and Developments Contributed by: Adrian Ang and Benjamin Samynathan, Allen & Gledhill LLP
Conclusion In 2026, Singapore’s fintech ecosystem is defined by the interplay of innovation with governance. The emphasis appears to have shifted from “move fast and break things” to a mature environment where technological advancements like Agentic AI and tokenisation are deployed in compliance with regu - latory frameworks. The upcoming implementation of MAS’ Single Currency Stablecoin Framework and various initiatives under Project Guardian and Project BLOOM, have positioned Singapore as a key jurisdic - tion for institutional digital assets, while the contin - ued development of Project Nexus ensures traditional cross-border transfers reach the efficiencies of newer technologies. Simultaneously, the Shared Responsi - bility Framework and enhanced fraud measures dem - onstrate a focus on consumer protection, ensuring that the benefits of digital finance are not outweighed by the costs of fraud. For legal practitioners and industry participants, the opportunities in 2026 lie in navigating this evolving and high-standards environment to help fintechs build the compliance, governance and technological archi - tectures necessary to thrive in the future of finance.
full force in 2025. Notably, since June 2025, rules prohibit DPTSPs from offering incentives (eg, sign-up bonuses, trading rewards) to retail customers. They are also banned from providing financing or leverage for retail trading. Furthermore, DPTSPs must admin - ister a risk awareness assessment to retail clients before granting access to services, ensuring that only those who understand the risks inherent in DPTs can participate. MAS also continues to monitor the buy now, pay later (BNPL) sector in Singapore, which currently operates under a Code of Conduct (the “Code”) developed by the Singapore FinTech Association (SFA) under MAS guidance. Since May 2024, all BNPL providers in Sin - gapore have been assessed to be in compliance with the Code. Under the Code, a private credit bureau for BNPL data is fully operational, allowing providers to share data on outstanding balances and missed pay - ments. This prevents the “credit stacking” of debt by consumers across multiple platforms. The Code also mandates a SGD2,000 cap on outstanding payments for customers without a credit assessment and pro - hibits the compounding of late fees. MAS continues to monitor the sector but has retained the self-regulatory model, deeming it effective for the current scale of BNPL risks.
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