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In parallel, Singapore remains an active participants in Project Nexus , an initiative spearheaded by the Bank for International Settlements (BIS) to enhance global payments network connectivity. The drop can also be explained by the exit of several fintech companies, particularly in the buy now, pay later (BNPL) and Web3.0
The first pilot will involve the use of “live” wholesale CBDC to settle retailpayments between commercial banks. Payments remained the largest fintech verticals with 146 companies, followed by blockchain and Web3.0 (136), and advancing talent. 136), regtech (119) and investments and wealthtech (82).
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