Hall Of Fame

Rising Stars

Firms To Watch: Fintech and financial services regulatory: local firms

Covenant Chambers advises on a variety of contentious and non-contentious matters, including digital payments, tech-focused investment rounds and compliance under the Securities and Futures Act, under the leadership of chair Ronald JJ Wong.
Yuen Law LLC has a varied client roster ranging from established and emerging fintech companies to funds and licensed financial institutions. Key contacts include Kevin Chua, who heads the regulatory and compliance team of the corporate practice group, Samuel Yuen and Angeline Wong.

Fintech and financial services regulatory: local firms in Singapore

Allen & Gledhill LLP

Described as the ‘pre-eminent firm in APAC for fintech and financial services regulatory matters, Allen & Gledhill LLP‘s practice runs the gamut of contentious and non-contentious work, including licensing and conduct of business requirements for banking, corporate finance and reorganisations in the financial services sector. Licensing advisory work for fintechs and crypto disputes are further areas of expertise for a team that frequently plays an active role in the consultation process for new regulations. Leadership duties are divided between Francis Mok, a practitioner who is described as standing ‘heads and shoulders above his competitors in the regulatory field’, Karen Tiah, who excels in banking and finance regulatory matters, the ‘incredibly helpful’ co-head of fintech Adrian Ang, and fellow fintech specialist Alexander Yap, who is a key contact for data breach matters. Catherine Neo is well equipped to advise on regulatory issues arising from the acquisition of regulated entities. Ensuring a smooth relationship exists between regulators and financial institutions is a staple of Zhi Feng Tan‘s far-reaching practice. Associate Alexander Fong Yi is a further name to note.

Practice head(s):

Francis Mok; Karen Tiah; Adrian Ang; Alexander Yap

Other key lawyers:

Catherine Neo; Zhi Feng Tan; Alexander Fong Yi


‘Excellent knowledge of the regulations and the practical implementation of the regulations in the financial sector. Provides practical guidance and solutions. Extremely responsive to queries and exceptional service provided consistently.’

‘Francis Mok is highly knowledgeable with an exceptional ability to grasp complex issues and provide practical advice and solutions. He has a wealth of experience to draw upon and is able to give up-to-date insights.’

Zhi Feng Tan is very responsive, excellent in addressing the client’s questions and good at handling complex issues.

‘Francis Mok stands heads and shoulders above his competitors in the regulatory field. There are only two categories of regulatory lawyers in Singapore – category 1 is Francis Mok and category 2 is the rest.’

‘Allen & Gledhill LLP is the pre-eminent firm in APAC for fintech and financial services regulatory matters.’

‘The team’s willingness to assist and be available has been an important part of the client experience.’

‘Adrian Ang and his team have been incredibly helpful. Adrian makes himself available when needed for guidance, support and just to bounce ideas off before engaging in formal advice.’

‘Karen Tiah and Catherine Neo are stand-outs – top-notch advice.

Work highlights

  • Advised the Circle group on the regulatory implications of issuing its single-currency stablecoin in Singapore.
  • Advising a major tobacco company on the Singapore sanctions regime arising from investigations by the United States Department of Justice and Office of Foreign Assets Control into potential bank fraud and sanctions breaches.

Baker McKenzie Wong & Leow

An impressive roster of national and international banking clients, leading fund managers and fintechs turn to the ‘great teamat Baker McKenzie Wong & Leow for its ability to provide ‘practical solutions for regulatory applications in real life’, alongside a broad array of fintech mandates, with the team notably strong in payments work, data protection, privacy and cyber-security. Practice head Stephanie Magnus has a strong track record of advising on the use of technology by financial institutions. Eunice Tan advises across a wide range of regulatory and compliance matters in the financial services and fintech sectors. Banks, borrowers and sponsors seek out Kenneth Chuah for his expertise in cross-border financial transactions. Antitrust and competition expert Ken Chia has notable strength relating to cross-border payments, while ‘outstanding lawyerYing Yi Liew is praised for being 'in touch with market developments and going the extra mile to understand client needs’.

Practice head(s):

Stephanie Magnus

Other key lawyers:

Eunice Tan; Kenneth Chuah; Ken Chia; Ying Yi Liew


‘Great team that gives practical solutions for regulatory applications in real life.’

‘Stephanie Magnus is a great partner who is readily available and also practical in her advice. We have a great and longstanding client-counsel relationship.’

‘Stephanie and her team consistently provided us with excellent actionable advice, showcasing the team’s familiarity with the regulatory regime in Singapore.’

Key clients

Asia Wealth Platform Pte Ltd (StashAway)

Alta Exchange



Goldbell Financial Services/Goldbell Evolution Network

(GEN) Pte Ltd.

The Association of Banks in Singapore


Work highlights

  • Provided extensive regulatory advice to StashAway, which has involved supporting the client throughout the expansion of its products and services across jurisdictions and asset classes.
  • Advised the Association of Banks in Singapore on the UPI-PayNow linkage between Singapore and India and the Paynet-PayNow linkage between Singapore and Malaysia.
  • Representing UBS in the structuring and offering of tokenised bonds.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP is well placed to give regulatory advice on novel financial projects, multi-jurisdictional transactions, and crowdfunding mandates. Payment services licence applications, NFT product offerings and the issuance of digital tokens are other notable areas of activity for the team, with venture capital fundraisings a further sweet spot. Capital markets expert Regina Liew co-heads the practice; she handles an array of advisory, transactional and enforcement matters for financial institutions and also has a strong fintech practice. Fellow co-head Larry Lim is highlighted for his expertise in licensing and regulatory clearances, open banking and real estate tokenisation. Benjamin Liew is adept at advising a wide range of financial institutions on issues such as China’s legislative framework for derivatives. Samuel Lim excels in matters relating to the Payment Services Act 2019.

Practice head(s):

Regina Liew; Larry Lim

Other key lawyers:

Benjamin Liew; Samuel Lim

Key clients

Pace Enterprise Pte Ltd

Baring Private Equity Asia

Work highlights

  • Acting as Singapore counsel on the merger of Baring Private Equity Asia and Swedish investment firm EQT AB.
  • Acting as Singapore counsel on the US$2.8bn acquisition of the Tricor group by Baring Private Equity Asia from Permira.
  • Advised Pace on its $40m Series A investment round.

WongPartnership LLP

The ‘very reliable team’ at WongPartnership LLP ‘keeps abreast with market developments’ such as blockchain-based stablecoins and platforms, the establishment of digital banks and telemedicine. The practice is also highlighted for its ability to assist digital assets service providers with their payment services licence applications. Co-head of the financial services regulation practice Elaine Chan is described as ‘commercially savvy’ and is well equipped to advise financial institutions on the regulatory implications of internal restructuring or M&A work. Joy Tan leads the firm’s corporate and regulatory investigations practice, with banking disputes and investigations a mainstay of her practice. Rosabel Ng is well versed in the regulation of derivatives and structured products. Technology expert Chung Nian Lam‘s practice is geared towards handling matters relating to software licensing, outsourcing and systems development. Sion Yoong Tian‘s broad practice covers ISDA master agreements and initial coin offerings.

Practice head(s):

Elaine Chan; Joy Tan; Rosabel Ng; Chung Nian Lam; Sin Wei Ong; Kyle Lee; Sion Yoong Tian; Kylie Peh; Jia Hui Chan


‘The team keeps abreast with market developments.’

‘Elaine Chan is commercially savvy.’

‘Sion Yoong Tian understands the regulatory regimes in Singapore well and is able to provide extremely valuable insights into regulatory and policy decisions as well as advice that makes business sense.’

‘Very reliable team, always looking out for their clients and giving sound advice.’

‘Rosabel Ng is an excellent lawyer to have on your side, always giving sound and incisive advice, and steers all matters skilfully.’

‘Their unique values are efficiency and professionalism, and they are able to provide a comfortable atmosphere for the clients and their counterparts to discuss their concerns.’

‘The team has demonstrated great understanding of my company’s complex and ever-changing business model, while providing sound and practical advice.’

‘WongPartnership is handling our application with rich knowledge and experience.’

Key clients

Far East Organization

GuocoLand Limited

ARA Asset Management Limited

Lendlease Group

ESR Funds Management (S) Limited

Frasers Logistics & Industrial Trust

DBS Bank Ltd.

Standard Chartered Bank

Parkway Holdings

United Overseas Bank Limited

UOL Group Limited

Australia and New Zealand Banking Group Limited

City Developments Limited

Perennial Real Estate Holdings. Pte. Ltd.

Bank of China Limited, Singapore Branch

China CITIC Bank International Limited, Singapore Branch

Xfers Pte. Ltd.

Hako Technology Pte. Ltd.

Cherry Decentral I GmbH

Northstar Group



JD Sports Fashion Pte Ltd

KrisShop Pte. Ltd.


Openspace Ventures

Wavemaker Partners


Work highlights

  • Acting for Coinhako on various matters, including advising on its ongoing compliance obligations as a holder of a major payment institution licence.
  • Acting for insurance technology startup Igloo in relation to its $27m Series B funding round in extension to the $19m round in March 2022.
  • Advising a multinational digital assets service provider on a number of matters, including various aspects of its licence with the Monetary Authority of Singapore.

Cavenagh Law LLP

Cavenagh Law LLP‘s formal law alliance with Clifford Chance sees the firm advise financial institutions on financial services regulatory issues and dispute resolution, with a particular emphasis on investigations and enforcement. The practice is also well placed to represent clients in related litigation. Janice Goh is the key contact.

Other key lawyers:

Janice Goh

OC Queen Street

Praised for its expertise in ‘fintech and IBTRM regulations on all things related to IT and AI in the financial industry’, OC Queen Street is especially well regarded for its strength in the digital payments space. Decentralised protocols, digital platforms and fundraisings are additional areas of strength for the group. Practice chair Chia-Ling Koh frequently leverages his technical expertise to advertise on a broad spectrum of fintech matters, with product counselling standing out as an area of strength. Managing associate Norvin Chan, a lawyer whose coding ability has allowed him to build his own AI chatbot, is well versed in matters involving digital assets, including e-wallets.

Practice head(s):

Chia-Ling Koh

Other key lawyers:

Norvin Chan


‘The reason for my choice of OCQS is largely owing to Chia-Ling Koh’s background and subject matter expertise in fintech and IBTRM regulations on all things related to IT and AI in the financial industry.’

Key clients


Omise Payments

Jewel Paymentech Pte. Ltd.

Alethea Tech Pte Ltd

Nudge Global Limited

Seedefy Pte. Ltd.

Pi Labs Limited

SellersFunding Corp

Fastco Pte. Ltd. (Fastjobs)

Eleos Ventures Pte. Ltd. (Ethlas)

Drew & Napier LLC

Helmed by technology expert Chong Kin Lim, Drew & Napier LLC‘s fintech and payments regulatory practice has a good spread of experience relating to the structuring and implementation of payments solutions and a wide array of regulatory issues associated with the establishment and running of digital platforms. The firm has additionally seen an increase in instructions pertaining to ICOs and cryptocurrency in general. Payments specialist Benjamin Gaw has a strong track record in advisory work for emerging and established payments solutions providers, alongside fintech-related licensing and regulatory issues.

Practice head(s):

Chong Kin Lim

Other key lawyers:

Benjamin Gaw


‘Strong knowledge of fintech and blockchain regulatory, corporate and securities and cross-border aspects.’

‘Benjamin Gaw is excellent in fintech, blockchain and overall transactional advice to international clients looking to do business in Singapore and SE Asia.’

Key clients

Druk Holding and Investments Lim


Work highlights

  • Advising Druk Holding and Investments Limited on the establishment and operation of cryptocurrency mining farms in a South Asian jurisdiction.
  • Advised FQX AG on the Electronic Transactions Act 2010, the Securities and Futures Act 2001, and the Payment Services Act 2019 in connection with the client’s core platform product and potential expansions of its product and service offerings.

Shook Lin & Bok LLP

Shook Lin & Bok LLP combines expertise in fintech and financial services regulation with payment services regulation and data privacy. Fintech and business conduct requirements, licensing issues and anti-money laundering and sanctions advice are core pillars of the team’s financial services work. Andrea Ng heads up the fintech side of the practice and is skilled in advising on the regulatory regime surrounding token offerings. Eric Chan‘s regulatory practice extends to assisting financial institutions new to the Singapore market with obtaining the necessary approvals, authorisations or exemptions.

Practice head(s):

Andrea Ng; Eric Chan


‘Very easy to deal with and to get started.’

‘Andrea Ng was the counsel involved and was exceptional as a person and as a lawyer.’

Work highlights

  • Acted for Digital Collectibles through its operating entity Rario in relation to its $120m Series A round.
  • Acted for HSBC in relation to banking facilities extended to Carro Leasing Pte Ltd and its parent company.
  • Assisted Nium as transaction counsel in its acquisition of Socash, a Singapore-based alternative payments network platform.

Withers KhattarWong LLP

Led by cross-border private equity and M&A transactional specialist Daniel Yong, Withers KhattarWong LLP assists clients operating in the fintech space with private equity, financial and technology transactions and strategic alliances. Privacy and data security compliance and financial services and bank regulatory advisory work are further strengths of the multi-disciplinary team. Tech specialist Joel Shen leads the startups and emerging markets practice at the firm. His varied portfolio of work encompasses tax structuring matters and advice on investments in tech companies. Leong Chuo Ming further extends the corporate transactional expertise at the firm. Senior associate Yap Ling Man is another name to note.

Practice head(s):

Daniel Yong

Other key lawyers:

Joel Shen; Leong Chuo Ming; Yap Ling Man

Key clients

Accial Capital

Ant Group (Alipay)

MSS Real Estate Investments I Pte Ltd

Asia Self Storage Holdco Limited

Wallex Technologies Pte. Ltd.

Altara Ventures Pte Ltd

Global investors of Luna tokens and USDTerra stablecoins

Global investors of FTX

Distributed Ledger Technologies (DLT) Pte Ltd


Hijra (previously ALAMI)

Dagangan Pte Ltd

Work highlights

  • Advised Accial Capital as agent and lender on an off-balance sheet loan financing to P2P lender Funding Societies Vietnam.
  • Acted for MSS Real Estate Investments I Pte Ltd and Asia Self Storage Holdco Limited on the sale of the Mandarin Self-Storage portfolio to Storhub.