Is it getting crowded in Singapore's fintech sector?

More: Microsoft announces that it’s investing US$2.2 billion in Malaysia. [Read from your browser]( Daily Newsletter Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](.  --------------------------------------------------------------- IN FOCUS In today's newsletter, we spotlight: - Fintech firms [trying to make their mark]( in the city-state - Vidio’s plan to double its paid subscribers - Other newsy highlights such as Microsoft’s US$2.2 billion investment in Malaysia and BYD’s new electric vehicle plant in Indonesia --------------------------------------------------------------- Hello {NAME} Eleven years ago, the Singapore government released a whitepaper that projected population growth in the country. The original figure was set at 6.9 million people. People got up in arms about it, seeing as Singapore was already feeling crowded at the time. The government [quickly clarified]( that 6.9 million was not a target per se, but more of a “planning parameter.” The response from the populace, however, was a clear display of what many Singaporeans were unhappy about. Jostling with other people on public transport at peak hours was highly annoying, not to mention having to compete for other resources, so the frustration was understandable. Being a small country, space is an issue that Singapore has always grappled with. However, it’s not just physical space that’s a challenge. The city-state’s business landscape can also fall prey to this conundrum, as evidenced by the local fintech sector. Today’s premium story looks at the dozens of fintech players operating in small, small Singapore. -- Jonathan  ---------------------------------------------------------------  THE BIG STORY [The players jostling in Singapore’s crowded fintech space (update)]( Funding into fintech startups in the city-state went down by 35% to US$1.49 billion last year, according to Tech in Asia data. --------------------------------------------------------------- TRENDING NEWS [Microsoft to invest $2.2b for Malaysia’s AI infrastructure]( The pledge comes a few days after CEO Satya Nadella announced a similar US$1.7 billion commitment for Indonesia amid a whirlwind Southeast Asia tour. [BYD to set up $1.3b EV plant in Indonesia, targets operations by 2026]( The Chinese EV maker expects the plant to produce up to 150,000 units per year. ---------------------------------------------------------------  VISUAL STORY OF THE DAY [Asia layoff tracker: DailySocial dismisses entire workforce, Ninja Van reduces staff by 10%]( Tech firms are dismissing staff to stay afloat as headwinds hit Asia. This layoff tracker is keeping tabs on marching orders. --------------------------------------------------------------- SAIGON SUMMIT 2024: CHARTING VIETNAM’S TECH FUTURE Your backstage pass to Vietnam's tech scene There's a whole world of innovation brewing in Vietnam, and the Saigon Summit is your guide to navigating this exciting landscape. 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Our team will get back to you by the next business day. - Vatic AI - [Dilip Krishnan Appointed as Vatic AI's New CEO to Drive Global Expansion]( Vatic AI welcomes Dilip Krishnan as CEO to spearhead cutting-edge AI credit solutions and global growth. - AWS - [GenAI for Finance Hackathon 2024 - Accelerating Innovation in Generative AI]( GenAI Hackathon 2024 is a unique opportunity for FinTech and non-FinTech startups to showcase their GenAI-Finance solutions. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](.  [Saigon Summit 2024 : Charting Vietnam’s Tech Future on May 30]( Vietnam's tech scene didn't emerge overnight. Saigon Summit explores key moments with VNG, VNLife, and Seek, offering insights into the digital revolution and the future of Vietnam's tech talent. Don't miss out – [grab your ticket now]( before it’s snatched up! 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