After Hong Kong bled fintech firms during COVID, it seemed for a moment that Singapore's place at the head of Asian fintech was unassailable.
But rising costs are undermining the foundations, particularly when it comes to hiring fintech employees.
The cost is getting higher in Singapore because of inflation," says Emilia Chen, CEO of fintech headhunting firm Polygon Search. "Now more companies are looking for remote candidates." Chen doesn't mean candidates working from home, but in remoter places, like Taiwan. Patricia Teo, executive director at Kerry Consulting has seen it too. She says companies are setting up "alternative offices in lower cost locations."