Sopnendu Mohanty : “Singapore Sees Africa as the Continent of the Future”

Interview by Dounia Ben Mohamed

Singapore is often considered a model of development on multiple levels. What makes it a global reference, particularly in FinTech?

Traditionally, Singapore was a strong financial hub. But in 2015, we decided to integrate technology into this ecosystem, making FinTech a true driver of growth. This strategic shift has allowed Singapore to become a hub for FinTech companies, serving not only its own market but also the entire Asian region.

Our approach is based on three pillars: bringing together talent, ideas, and capital. This creates a dynamic ecosystem that fosters innovation and economic expansion by connecting industry players with funding and collaboration opportunities.

We also develop concrete solutions that improve citizens’ lives. A great example is PayNow, a digital payment platform that allows money transfers in three clicks, at no cost. This innovation has not only facilitated transactions in Singapore but has also been integrated into other Asian markets such as Thailand, Malaysia, and India. It has accelerated trade, strengthened finance, and boosted e-commerce growth.

How does Singapore perceive its partnership with Africa?

Singapore sees Africa as the continent of the future. With a young population and a rapidly growing economy, Africa is becoming a global hub for innovation and talent.

However, when we talk about the partnership between Singapore and Africa, we must see it in a broader context: it is part of an Asia-Africa cooperation. Singapore acts as a bridge between these two regions, bringing its expertise and facilitating investments. We already have partnerships with several African countries, notably Rwanda, where we are working on FinTech initiatives and sustainable development projects.

Africa has much to offer. It is becoming a laboratory of innovation, where financial solutions tailored to local challenges are emerging. For example, the constraints of the African market have led to the rise of mobile money solutions, which are now inspiring other regions of the world.

What can Singapore offer African countries, and what can Singapore learn from Africa?

Singapore can share its experience in smart regulation, digital finance, and technological integration. Over the years, we have learned how to build a resilient economy and optimize challenges related to rapid growth.

But we also have a lot to learn from Africa. The continent is pioneering a new model of sustainable development, particularly in green finance and inclusive financial solutions. African innovations in mobile payments, microfinance, and technology adapted to local realities are inspiring the rest of the world.

Can Africa become a global leader in FinTech?

Absolutely. It is important to understand that the challenges Africa faces are not unique. All growing markets must deal with three major obstacles: lack of capital, lack of talent, and lack of time.

What we see in Africa today is similar to what Asia experienced a few decades ago. With the right investments, the right policies, and strategic partnerships, Africa has the potential to become a major player in global financial innovation.