By Aw Cheng Wei
When Malaysian Kelvin Teo and Indonesian Reynold Wijaya set up crowd-investing website Funding Societies in 2015 in Singapore, both were not on the island.
"My co-founder and I incorporated the company and built a team (of five) here, via the Internet and video calls, without being physically in Singapore," Mr Teo, a Singapore permanent resident, told The Straits Times.
The ease of setting up a company in Singapore and its clear legislations were also highlighted by Ms Caecilia Chu, co-founder and chief executive of YouTrip, a multi-currency mobile wallet.
Singapore's "clear and specific guidelines" helped her Hong Kong-based company operate properly within regulatory frameworks, said Ms Chu, who is from Hong Kong.
Both tech start-ups are in tune with Singapore's foreign investment strategy, as one of their primary goals is to expand in South-east Asia.
Funding Societies expanded to Indonesia in February 2016, but under the name Modalku, which means "my capital" in Bahasa Indonesia. In February 2017, it entered the Malaysian market.
The firm connects companies that need loans with investors through a digital platform.
Another factor Ms Chu appreciates is "the constant industry engagement" by government agencies.
Her company took part in the Monetary Authority of Singapore's public consultation on the new Payment Services Bill, which was passed by Parliament this month.
YouTrip was launched in Singapore last August, in partnership with ez-link and Mastercard.
Its multi-currency mobile wallet allows users to pay in several currencies.
Another foreign investor that chose to operate in Singapore is AsiaKredit.
The reason cited by its co-founder and chief executive Mike Singh is that Singapore "gives us access to fund raising as well as rich business insights, knowledge and experiences from an extensive venture capital and start-up focused investor network".
AsiaKredit operates smartphone app Pera247, a short-term lending service for the Philippine market that lets people borrow money within minutes.
Mr Singh, a Filipino, chose Singapore also because its investor Forum Capital Advisors is located here.
"We work with Forum to develop our business strategy, fund raising, communications and human resource activities," he said.
Mr Teo of Funding Societies expressed the hope that Singapore will continue to build on the "good foundation" it has established.
"We hope it will continuously update the tax code and regulations to keep up with the times, ultimately enabling fintech start-ups, like us, to move into the mainstream."
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