Leading Individuals

Next Generation Partners

Fintech and financial services regulatory: foreign firms in Singapore

Clifford Chance

Clifford Chance‘s offering is underpinned by its expertise in banking and finance, incorporating experience in banking, payments and export finance transactions as well as non-contentious and contentious regulatory issues across the financial sector, including derivatives, automated trading systems and payments. The team also leverages its ‘expertise across multiple jurisdictions’ to handle regulatory investigations, a key area of work for expert litigators Kabir Singh and Janice Goh. Lena Ng heads up the team. Her broad practice runs the gamut of financial regulatory work, with licensing, exemptions, and innovative new financial products all areas of expertise. Counsel Mae Yen Teoh is at the forefront of transactional derivatives work.

Practice head(s):

Lena Ng

Other key lawyers:

Paul Landless; Kabir Singh; Janice Goh; Luke Chen; Mae Yen Teoh


‘Quick response times and practical advice.’

‘The depth of the team’s expertise across multiple jurisdictions is something that few other firms can compete with.’

‘Lena Ng and Janice Goh are both exceptional. They understand the market and our business. I would not hesitate to recommend them.’

‘Flexible and responsive.’

‘Lena Ng and Janice Goh are our go-to people for Singapore regulatory matters.’

‘Sharp, know what the client wants and what the regulator wants, good turnaround time.’

‘Luke Chen is an outstanding regulatory and funds lawyer. Very responsive and technically competent.’

Herbert Smith Freehills LLP

Financial institutions, technology companies and crypto exchanges trust Herbert Smith Freehills LLP with mandates in areas such as digital banking, strategic investments into the fintech space and the use of distributed ledger technology in financial services. On the contentious side, the practice is well placed to assist with internal and regulatory investigations in relation to fraud, cybersecurity and anti-money laundering. TMT specialists Mark Robinson and Harry Evans lead the team, which also boasts extensive regulatory and compliance expertise in relation to financial services licensing matters. Senior associate Chee Hian Kwah is frequently sought out by payment services providers and other financial institutions for assistance with issues such as outsourcing and anti-money laundering compliance. Dispute resolution lawyer Daniel Chia joined in April 2023 from Morgan, Lewis & Bockius LLP, while Natalie Curtis left the firm in September 2023.

Practice head(s):

Mark Robinson; Harry Evans

Other key lawyers:

Chee Hian Kwah; Daniel Chia

Key clients


Apis Partners

Asia Securities Industry & Financial Markets Association (ASIFMA)



Goldman Sachs


Kopi Kenangan

Mox Bank

Standard Chartered Bank/Standard Chartered Ventures

Trust Bank


Work highlights

  • Advising Asia Securities Industry & Financial Markets Association (ASIFMA) in relation to a range of key regulatory developments, including digital assets regulation mapping.
  • Advised the asset management arm of Goldman Sachs on its investment into insurtech start-up InsuranceDekho.
  • Advised Standard Chartered Bank in respect of its participation in Partior, a blockchain-enabled platform provider for cross-border, interbank payments clearing and settlement.


Linklaters is active across an extensive array of matters, with expertise extending to global reorganisations, digital assets, innovative payments work, programmable money issues and private law development. The team is additionally well placed to advise on ESG-related initiatives, including those with a blockchain dimension. Peiying Chua heads up the financial regulation group and frequently guides clients through regulatory change projects and transactional work in the financial services sector. Global co-head of TMT Niranjan Arasaratnam and head of Asia TMT Adrian Fisher are both well versed in transactional work in the technology sector, while Jonathan Horan’s equity expertise is brought to bear on a wide range of capital markets work. Evan Lam, who joined from Ashurst LLP in January 2023, is a key contact for fintech clients ranging from global banks that are active in the fintech space to payment institutions and blockchain exchanges. Managing associate Anil Shergill frequently advises on licensing frameworks and exemptions.

Practice head(s):

Peiying Chua; Niranjan Arasaratnam; Adrian Fisher; Jonathan Horan

Other key lawyers:

Evan Lam; Anil Shergill


‘The team has the ability to seamlessly combine capital markets and financial services regulatory expertise, with an understanding of investment funds.’

‘The entire team was extremely supportive on a difficult transaction.’

‘Excellent knowledge of accepted market practice and the regulatory expectations.’

Key clients

Trust Bank

DBS Bank Ltd

DigiFT Tech (Singapore) Pte. Ltd.

A&O Shearman

Home to ‘go-to contacts for financial regulatory advice’, A&O Shearman‘s team is also well versed in fintech matters and regularly advises on cryptocurrency, digital assets, and blockchain matters. Data compliance in the banking sector and regulatory requirements imposed by the Monetary Authority of Singapore are other standout areas of activity for the ‘extremely dedicated’ outfit. The firm’s offering is spearheaded by Shuhui Kwok, who is praised for her ‘extremely helpful advisory solutions for product launches across Asia-Pacific and the wider Middle East and Africa regions. Senior associate Yu Jia Ang‘s busy caseload includes advising financial institutions on anti-money laundering and other compliance requirements. Cédric Lindenmann left the team in December 2023.

Practice head(s):

Shuhui Kwok

Other key lawyers:

Yu Jia Ang; Kimberly Lee; Tom Jokelson


‘The team is small but personable and able to pull in expertise across regulatory, technology and other areas to ensure the advice is holistic for the business.’

‘Shuhui Kwok and Tom Jokelson work closely together to bring in the best advice from a corporate strategy, fundraising and partnership perspective. They are hands-on partners, proactive and creative thinkers, and practical problem solvers. I think what stands out from other firms in Singapore is its long-term relationship outlook.’

‘Shuhui Kwok and her team members Yu Jia Ang and Kimberly Lee are our go-to contacts for financial regulatory advice.’

Key clients

Greenland Financial



Dentons Rodyk

Dentons Rodyk is described as being ‘very strong in the blockchain space’, with the team possessing expertise in areas such as capital raisings, privacy and data protection, regulatory compliance and tax. Kenneth Oh and Li Chuan Hsu co-lead the practice with the latter winning plaudits for his work alongside senior partner Jacqueline Loke in Ripple’s successful application for a major payment institution licence. S Sivanesan is highly skilled at handling cross-border and regional transactional work.

Practice head(s):

Kenneth Oh; Li Chuan Hsu

Other key lawyers:

Jacqueline Loke; S Sivanesan


‘The team is very strong in the blockchain space. We seek their advice regularly on all facets of Singapore legal matters including litigation, transactional and regulatory work. They are responsive and produce good work.’

‘Li Chuan Hsu is easy to work with and practical.’

Key clients


Validus Investment Holdings Pte Ltd

Ripple Markets APAC Pte. Ltd.

GuavaPay Pte Ltd

Digital Treasures Center (DTC)

Sofi Singapore Pte Ltd

XFlow Payments Pte Ltd

Work highlights

  • Advised on Ripple Markets APAC Pte. Ltd.’s successful application for a major payment institution licence under the Payment Services Act of Singapore.

Gibson Dunn

The ‘strong team’ at Gibson Dunn wins plaudits for its work on technology transactions and outsourcing, sensitive privacy matters and emerging issues such as generative AI technologies. The practice is also a trusted port of call for payment firms looking for assistance with the launch of innovative products and services. Practice head and of counsel Grace Chong is described as an ‘exceptional standout in complex regulatory, privacy and AI mattersShe is also a certified cyber security professional and regularly conducts cybersecurity assessments and investigations in Asia. At associate level, Alfie Lim counts assisting payment service providers and fund management companies with licensing applications as a key area of activity, while Toh Qingxiang is a key contact for cross-border digital assets exchanges and decentralised autonomous organisation, and Alwyn Chan has a notable focus on regulatory work connected to the Payment Services Act 2019.

Practice head(s):

Grace Chong

Other key lawyers:

Alfie Lim; Toh Qingxiang; Alwyn Chan


‘Gibson Dunn’s regulatory practice has a strong team of ex-regulators who have an unwavering commitment to delivering comprehensive and innovative solutions tailored to our needs.’

Gibson Dunn has a highly regarded privacy and cybersecurity offering, with immense experience of handling complex product consulting, AI integration, tech risk management and data breach matters in Singapore.’

‘Grace Chong is an exceptional standout in complex regulatory, privacy and AI matters, and is someone you want on your side.’

Key clients







Norton Rose Fulbright

With particular strength in regulatory advice, Norton Rose Fulbright‘s fintech practice blends expertise in P2P platforms, blockchain, data privacy, disputes and technology consultation. The team frequently assists major clients with fintech expansions and has seen an increase in instructions relating to emerging platforms and the use of disruptive technologies, particularly for clients who wish to launch new products in Singapore before rolling them out globally. Practice head Etelka Bogardi has longstanding experience of advising on a wide array of regulatory issues in the fintech area; she is well placed to advise on the regulation of digital assets and innovative payments solutions. Anna Tipping‘s wealth of insurance expertise is frequently brought to bear on contentious and non-contentious matters including alternative risk transfer insurance transactions. Instructions relating to securities often fall to financial markets expert Colin Rice, while Craig Loveless is a key contact for cross-border transactional work in the fintech space. Wilson Ang is a name to note for disputes, while counsel Mabelle Tay further extends the regulatory expertise at the firm.

Practice head(s):

Etelka Bogardi

Other key lawyers:

Anna Tipping; Yu-En Ong; Colin Rice; Craig Loveless; Wilson Ang; Mabelle Tay

Reed Smith LLP

Reed Smith LLP‘s practice is described as being ‘deeply immersed in the cutting edge of fintech and web3 developments, and is praised for its ‘deep knowledge of Singapore financial regulations, ranging from payment services to traditional securities to licensing and regulatory issues’. Hagen Rooke and Bryan Tan co-head the practice. Rooke frequently assists banks, payment services firms and digital asset exchanges with regulatory issues such as financial services licensing and approvals, while Tan has a proven track record of advising on strategic venture capital investments into fast-growing fintechs and crypto projects. Senior associate Jun Qi Chin is particularly strong in work that requires engagement with regulators such as the Monetary Authority of Singapore.

Practice head(s):

Hagen Rooke; Bryan Tan

Other key lawyers:

Jun Qi Chin; Bernice Tian; Nina Carlina Sugianto


‘The financial regulatory team’s strength lies in their deep knowledge of Singapore financial regulations, ranging from payment services to traditional securities to licensing and regulatory issues.’

‘Hagen Rooke stands out amongst Singapore financial regulatory lawyers as a practitioner with a deep understanding of a broad range of laws, who is also in tune with industry developments.’

‘Hagen takes the time to understand our business. He’s also balanced – I am not worried about him meeting with the non-legal teams because I trust that he will not say anything worrying.’

Simmons & Simmons

Banks, digital asset exchanges brokers, and payments companies trust Simmons & Simmons with an array of licensing, regulatory and product development projects. Cross-border regulatory matters and new digital platform development are areas of particular strength for the team. Practice chair Yingyu Wang has a wide-ranging practice that takes in niche issues in the metaverse and NFT space. She is additionally well placed to advise clients from sectors such as music and digital media who seek to incorporate blockchain technology into their products. At associate level, Ashleigh Low is well versed in matters with a cryptocurrency dimension.

Practice head(s):

Yingyu Wang

Other key lawyers:

Ashleigh Low; Anita Ahamad; Shannon Ker

Key clients

Acala Pte Ltd

Achip & Achair Guild Ventures Pte. Ltd.

Booking .com/Agoda Company Pte. Ltd.

Ant Group Co., Ltd./Anext Bank Pte. Ltd

Blockfort Pte Ltd

Coinbase Global, Inc./CB Payments Limited

Copper Technologies (UK) Limited

D’light Law Group

Goldzip Digital Pte. Ltd.

Infinity Interaction Pte Ltd

Libecciotech Singapore Pte Ltd

Orbis Blockchain Technologies Limited

Salad Ventures Limited

SevenPlusOne Pte Ltd

Shin Woong Um

Shopline Technology Holdings Pte Ltd

Oppo/Sky Royal Trading Limited

Solutions Lab Pte. Ltd.

Steelhenge Pte Ltd

Superlayer Labs Management, LLC

TDX SG Pte Ltd

TMI Associates

Trovio Pte. Ltd.

UppFirst SG Pte Ltd

Yield Guild Games SEA Limited

Sequoia Capital



Torus Labs

Work highlights

  • Advised Agoda/booking.com on regulatory issues pertaining to ‘buy now pay later’ schemes.
  • Advising Ant Group on legal and regulatory issues pertaining to proposed merchant acquisition services.
  • Assisting Coinbase with its response to its cross-border survey of stablecoin laws and regulations, and to create its proposed business model in respect of wallet and cryptocurrency payments.