Driven by 10.3% CAGR from 2021, supported by MAS regulatory initiatives and platform economy growth.

Singapore’s embedded finance transaction value is projected to reach USD 8.48 billion by 2025, reflecting a compound annual growth rate (CAGR) of 10.3% from 2021, when the market was valued at USD 5.74 billion. The trajectory demonstrates sustained annual growth of approximately 7.1%, positioning Singapore as a mature hub for financial services integration within non-financial platforms. For global context, the worldwide embedded finance market was valued at USD 104.8 billion in 2024, suggesting Singapore accounts for a meaningful share of the Asia-Pacific segment.

Market Size and Growth Trajectory

The Singapore embedded finance market has expanded steadily over the four-year period from 2021 to 2025. Starting from a base of USD 5.74 billion in transaction value in 2021, the market grew to an estimated USD 6.33 billion in 2022, USD 6.99 billion in 2023, and USD 7.71 billion in 2024, before reaching the projected USD 8.48 billion in 2025. The 10.3% CAGR over this period indicates a consistent upward trend driven by increasing digital payment adoption, the proliferation of buy-now-pay-later (BNPL) services, and the expansion of platform-based business models across retail, travel, and healthcare.

The annual growth rate of 7.1% for the period suggests a mature but still expanding market, in contrast to faster-growing but smaller embedded finance markets elsewhere in Southeast Asia. Singapore’s higher baseline reflects its advanced digital infrastructure and high banking penetration, which have allowed non-financial platforms to layer services such as payments, lending, and insurance onto existing consumer and business interactions.

Transaction Value (USD billion) (USD billion)Source: Orionmano Industries

Globally, the embedded finance market reached USD 104.8 billion in 2024, according to GM Insights, and is forecast to grow at a 23.3% CAGR through 2034 to reach USD 834.1 billion. Singapore’s moderate but steady growth rate relative to the global average reflects the city-state’s early maturity in digital financial services and its role as a regional testing ground for embedded finance models.

Regulatory Catalysts and Industry Infrastructure

Regulatory support from the Monetary Authority of Singapore (MAS) has been a critical enabler of embedded finance growth. In 2024, MAS endorsed the launch of the KPMG Embedded Finance Hub, Singapore’s first initiative specifically designed to accelerate embedded finance adoption across the country and the wider region. The Hub focuses on developing joint capabilities between corporates and financial institutions, centralizing and distributing global knowledge and best practices across all sectors.

The KPMG Embedded Finance Hub’s mandate covers capability building across payments, lending, insurance, and wealth management, helping non-financial firms structure compliant financial offerings. MAS’s involvement signals a deliberate regulatory strategy: rather than imposing restrictive rules, the authority has opted to support industry-led collaboration that balances innovation with consumer protection. This approach has been cited by industry analysts as a key differentiator for Singapore compared to other Asia-Pacific markets where regulatory clarity remains uneven.

Singapore currently hosts 66 embedded finance startups, according to ResearchAndMarkets.com. Notable players include Bolttech (insurtech), Atome (BNPL and checkout financing), Decentro (banking-as-a-service infrastructure), and MatchMove (digital wallet and card issuance). This startup ecosystem benefits from Singapore’s position as a financial hub, with access to venture capital, a skilled talent pool, and a regulatory sandbox environment that encourages experimentation.

Key Verticals and Competitive Landscape

Globally, payments accounted for 43.68% of the embedded finance market in 2025, according to Mordor Intelligence, underscoring the dominance of integrated checkout, in-app wallets, and card-on-file solutions. Retail and e-commerce held a 36.05% share of the embedded finance market in the same year, benefiting from pervasive card-on-file wallets, one-click checkout, and instalment lending. The segment’s leadership stems from established consumer familiarity and the clear ROI of higher conversion rates for merchants.

In Singapore, these global trends are reflected in the competitive landscape. Airwallet, which maintains significant operations in Singapore, is building cross-border payment and embedded finance capabilities for global businesses. Atome, a Singapore-headquartered fintech, is embedding credit and checkout financing into retail and online journeys across Southeast Asia, with Singapore as its base for regulatory compliance and product development.

Standard Chartered’s nexus platform is powering white-labeled banking for ecosystem partners in Southeast Asia, including in Singapore. The platform allows non-bank companies—such as e-commerce marketplaces, ride-hailing apps, and travel aggregators—to offer banking products under their own brand, leveraging Standard Chartered’s regulatory licenses and infrastructure. This model is enabling a new wave of embedded banking in Singapore without requiring each platform to obtain its own financial license.

The lending segment within embedded finance is evolving beyond traditional BNPL. According to ResearchAndMarkets.com, BNPL and embedded credit offerings in Singapore are likely to face increasing regulatory requirements for transparency and affordability checks. Embedded credit is also extending beyond checkout financing to include recurring subscription loans, deferred tuition models, and bundled working capital products for the gig economy.

Outlook

With ongoing regulatory enablement from MAS, an expanding startup ecosystem, and rising adoption of BNPL and embedded credit, Singapore is poised to further solidify its position as a leading embedded finance hub in Asia-Pacific. The city-state’s combination of clear regulatory frameworks, advanced digital infrastructure, and a concentration of financial and technology talent provides a foundation for continued growth, even as global embedded finance markets scale rapidly. As platform-based business models deepen their integration of financial services, Singapore’s transaction value is likely to sustain upward momentum beyond 2025, supported by both domestic adoption and regional expansion by Singapore-based fintechs.