Figure’s recent IPO highlights both strong investor demand and the growing appeal of blockchain in traditional finance. The stock made its public debut at $44 per share, a dramatic increase over its $25 IPO price and well above the revised pricing range of $20–$22. This surge points to significant market enthusiasm and confidence in the company’s prospects (Reuters, 2024).
A key factor behind this interest is Figure’s unique business model. Unlike many crypto firms focused on token speculation, Figure positions itself as a blockchain-based lender, specializing in home equity loans. In the past year alone, the company originated $6 billion in loans, marking a 29% year-over-year increase. CEO Mike Cagney has emphasized that their strategy centers on lending and infrastructure, not speculative trading, which sets them apart from more volatile crypto peers.
Adoption of Figure’s Provenance blockchain platform is also gaining momentum within the financial industry. Recent reports indicate that 10 of the top 20 U.S. mortgage companies and over 20 major banks now use Provenance for processing and verifying loans (Bloomberg, 2024). This widespread integration signals that blockchain is being recognized for its efficiency and security benefits in mainstream financial services.
The IPO’s timing is notable, arriving during what analysts call the busiest week for U.S. public offerings since 2021. This flurry of activity suggests renewed investor confidence in IPOs after a period of caution and market volatility.
Figure’s successful launch supports the thesis that blockchain can drive value in established financial markets, beyond just cryptocurrency speculation. Their focus on practical applications in lending offers investors exposure to blockchain technology while relying on proven revenue streams.
It will be important to watch how Figure performs in its first earnings reports as a public company. Key indicators will include continued loan growth and further adoption of the Provenance platform among major lenders.
Figure Technology IPO Analysis: Singapore Market Implications
Executive Summary
Figure Technology’s $7.6 billion IPO debut represents a watershed moment for blockchain-enabled financial services, demonstrating that institutional-grade blockchain applications can command premium valuations. For Singapore, this success provides a roadmap for leveraging blockchain technology in traditional finance while highlighting opportunities and challenges in the city-state’s fintech ecosystem.
In-Depth Analysis of Figure’s Success
Business Model Innovation
Figure’s success stems from solving real problems in traditional finance rather than speculative blockchain applications:
- Home Equity Focus: $6 billion in loans (29% YoY growth) addresses a massive U.S. market need
- Infrastructure Play: Provenance blockchain serves as B2B infrastructure rather than consumer-facing crypto
- Institutional Adoption: 10 of top 20 U.S. mortgage companies + 20+ major banks using their platform
- Revenue Model: Transaction fees and lending spreads, not token speculation
Key Success Factors
- Regulatory Compliance: Built within existing financial frameworks
- Enterprise Sales: B2B focus with institutional clients
- Proven Metrics: Demonstrable cost savings and efficiency gains
- Leadership Credibility: Mike Cagney’s SoFi background provided market confidence
Singapore Application Framework
Market Opportunities
1. Housing Finance Digitization
Current State:
- Singapore’s housing loan market (~S$280 billion outstanding)
- Traditional paper-heavy processes for HDB/private property loans
- Multiple stakeholders: banks, HDB, law firms, valuers
Figure-Inspired Solutions:
- Blockchain-based loan origination and tracking
- Smart contracts for automated compliance checks
- Immutable record-keeping for property transactions
- Reduced processing time from weeks to days
2. Trade Finance Modernization
Singapore Advantage:
- World’s largest bunkering hub and major trade center
- Established relationships with global banks and traders
- Government support through TradeTrust initiative
Implementation Opportunities:
- Blockchain-based letter of credit processing
- Supply chain financing with automated triggers
- Cross-border payment rails integration
- Documentation digitization and verification
3. SME Lending Enhancement
Market Gap:
- Traditional banks’ conservative SME lending approach
- Limited credit scoring for newer businesses
- Manual underwriting processes
Blockchain Solutions:
- Alternative data sources for credit assessment
- Automated loan servicing and monitoring
- Peer-to-peer lending infrastructure
- Invoice financing platforms
Regulatory Environment Analysis
Favorable Factors
- MAS Innovation Framework:
- Regulatory sandbox for fintech experimentation
- Clear guidelines on digital payment tokens
- Progressive approach to blockchain applications
- Government Initiatives:
- Project Ubin (wholesale CBDC experiments)
- TradeTrust for trade documentation
- Smart Nation initiative supporting digital transformation
- Legal Infrastructure:
- Electronic Transactions Act supporting digital contracts
- Established common law framework
- Strong intellectual property protection
Challenges
- Banking Sector Conservatism:
- DBS, OCBC, UOB may be slower to adopt external blockchain platforms
- Preference for in-house development
- Existing legacy system investments
- Market Size Limitations:
- Smaller domestic market compared to U.S.
- Need for regional expansion from day one
- Higher customer acquisition costs
Strategic Implementation Roadmap
Phase 1: Foundation (6-12 months)
- Regulatory Engagement: MAS sandbox application for blockchain lending platform
- Partnership Development: Collaborate with local banks, law firms, and property agents
- Technology Localization: Adapt platform for Singapore’s regulatory requirements
- Pilot Programs: Start with specific use cases (e.g., HDB loan processing)
Phase 2: Market Entry (12-24 months)
- Product Launch: Begin operations with regulatory approval
- Enterprise Sales: Target major property developers and financial institutions
- Integration: Connect with existing systems (ACRA, HDB, banks)
- Compliance: Establish robust AML/KYC processes
Phase 3: Expansion (24+ months)
- Regional Growth: Expand to Malaysia, Indonesia, Thailand
- Product Diversification: Add trade finance, SME lending capabilities
- Partnership Scaling: Onboard more financial institutions
- IPO Preparation: Consider SGX listing for regional expansion
Competitive Landscape
Existing Players
- Traditional Banks: DBS, OCBC, UOB with digital initiatives
- Fintech Startups: Funding Societies, CapBridge, Validus Capital
- Regional Platforms: Grab Financial, Sea Money
- Government Entities: MAS, IMDA driving blockchain adoption
Differentiation Strategy
- Technology Focus: Pure blockchain infrastructure play vs. consumer lending
- B2B Positioning: Serve existing financial institutions rather than compete
- Regulatory Compliance: Build with MAS requirements from ground up
- Regional Hub: Leverage Singapore as ASEAN financial center
Investment and Funding Landscape
Venture Capital Interest
- Local VCs: Temasek Holdings, GIC, Golden Gate Ventures
- Regional Players: Sequoia Capital SEA, Vertex Ventures
- Strategic Investors: Singapore banks, government agencies
- International Capital: Growing interest in ASEAN fintech
IPO Potential
- SGX Positioning: Singapore Exchange actively courting tech companies
- Dual Listing: Potential SGX-NASDAQ structure
- Market Timing: Follow Figure’s success playbook
- Valuation Benchmarks: Figure’s metrics provide reference points
Risk Assessment
Technology Risks
- Blockchain Scalability: Network capacity for high transaction volumes
- Integration Complexity: Connecting with legacy banking systems
- Cybersecurity: Protecting sensitive financial data
- Regulatory Changes: Evolving MAS guidelines on blockchain
Market Risks
- Economic Cycles: Property market volatility affecting loan demand
- Competition: Big tech and traditional banks building competing platforms
- Customer Adoption: Conservative financial sector adoption rates
- Talent Shortage: Limited blockchain expertise in Singapore
Operational Risks
- Regulatory Compliance: Complex multi-jurisdictional requirements
- Partnership Dependencies: Reliance on traditional financial institutions
- Scaling Challenges: Managing rapid growth while maintaining quality
- Technology Obsolescence: Rapidly evolving blockchain landscape
Success Metrics and KPIs
Financial Metrics
- Loan Origination Volume: Target S$1 billion within 3 years
- Revenue Growth: 50%+ annual growth in transaction fees
- Market Share: Capture 5% of Singapore’s digital lending market
- Profitability Timeline: Achieve positive cash flow within 24 months
Operational Metrics
- Platform Adoption: 50% of major Singapore banks using platform
- Processing Efficiency: Reduce loan approval time by 70%
- Error Reduction: 95% reduction in documentation errors
- Customer Satisfaction: 90%+ satisfaction scores from institutional clients
Strategic Metrics
- Regional Expansion: Operations in 3 ASEAN countries by year 3
- Technology Leadership: File 10+ blockchain patents
- Partnership Network: 100+ institutional partners
- Regulatory Recognition: MAS case study or endorsement
Conclusion and Recommendations
Figure Technology’s IPO success validates the commercial viability of blockchain-enabled financial services. Singapore is uniquely positioned to replicate this success due to its:
- Regulatory Sophistication: Progressive fintech framework
- Financial Hub Status: Regional center with global connections
- Government Support: Active blockchain and digitization initiatives
- Market Access: Gateway to fast-growing ASEAN markets
Key Recommendations
- Start Small, Scale Fast: Begin with specific use cases (property loans) before expanding
- Regulatory First: Engage MAS early and build compliance into core architecture
- Partnership Strategy: Collaborate with rather than compete against traditional banks
- Regional Vision: Plan for ASEAN expansion from inception
- Technology Investment: Build robust, scalable blockchain infrastructure
- Talent Acquisition: Recruit experienced fintech and blockchain professionals
The Figure model provides a proven blueprint for building billion-dollar blockchain financial services companies. Singapore’s unique advantages position it well to produce the next unicorn in this space, potentially creating significant value for investors, financial institutions, and the broader economy.
Singapore Blockchain Finance Unicorn: Multi-Scenario Analysis
Executive Summary
This analysis examines three potential scenarios for Singapore’s development of a billion-dollar blockchain financial services company following the Figure Technology blueprint. Each scenario considers different market dynamics, regulatory environments, and competitive landscapes to assess the probability and pathway to unicorn status.
Scenario 1: “The Singapore Champion” (Probability: 35%)
Context
A locally-founded startup leverages Singapore’s regulatory advantages and government support to build a dominant ASEAN blockchain finance platform.
Key Assumptions
- MAS maintains progressive fintech policies
- Strong government backing through Temasek/GIC investment
- Traditional banks embrace partnership over competition
- ASEAN economic integration accelerates
- Global blockchain adoption continues growing
Timeline: 2025-2030
Phase 1: Foundation (2025-2026)
Market Entry:
- Launch with HDB loan processing blockchain platform
- Partner with 2-3 local banks (DBS, OCBC) for pilot programs
- MAS sandbox approval within 6 months
- Initial funding: S$50M Series A led by Temasek
Key Metrics:
- Process 1,000 HDB loans through blockchain platform
- Reduce loan approval time from 4 weeks to 5 days
- Achieve 99.5% accuracy in document verification
- Generate S$2M annual revenue
Phase 2: Market Dominance (2026-2028)
Scaling Strategy:
- Expand to private property loans and commercial lending
- Launch trade finance platform leveraging Singapore’s port status
- Enter Malaysia and Thailand markets
- Series B: S$150M at S$800M valuation
Breakthrough Moment:
- All major Singapore banks adopt the platform
- Process S$5B in loans annually
- Launch “SingChain” – Singapore’s national lending blockchain
- Government mandates blockchain for all public housing loans
Financial Performance:
- Revenue: S$75M (2027), S$150M (2028)
- Loan origination: S$15B annually
- Market share: 25% of Singapore digital lending market
Phase 3: Regional Expansion (2028-2030)
ASEAN Dominance:
- Operating in 6 ASEAN countries
- Partnership with ASEAN+3 central banks
- Launch cross-border payment infrastructure
- Series C: S$300M at S$2.5B valuation
IPO Pathway:
- Dual listing on SGX and NASDAQ (2030)
- Valuation: S$4-6B based on 15-20x revenue multiple
- Market cap could reach S$8-12B post-IPO with growth premiums
Success Drivers:
- Government as strategic enabler, not just regulator
- Singapore’s role as ASEAN financial gateway
- Early mover advantage in regulated blockchain finance
- Strong institutional partnerships
Risk Mitigation
- Regulatory Risk: Close collaboration with MAS from inception
- Competition: Focus on B2B infrastructure, not consumer lending
- Technology Risk: Partner with established blockchain platforms
- Market Risk: Diversify across multiple ASEAN markets
Scenario 2: “The Global Challenger” (Probability: 25%)
Context
An international blockchain finance company establishes Singapore operations to compete with Figure globally, eventually becoming a multi-regional unicorn.
Key Assumptions
- Singapore becomes preferred Asian hub for fintech companies
- Cross-border regulatory harmonization improves
- Competition from U.S./European platforms intensifies
- Capital markets remain favorable to blockchain companies
- Technology costs continue declining
Timeline: 2025-2032
Phase 1: Market Entry (2025-2027)
Strategic Setup:
- U.S./European company (backed by a16z, Sequoia) enters Singapore
- Initial focus on trade finance and cross-border payments
- MAS expedited approval through established frameworks
- Series A already completed: US$100M at US$500M valuation
Localization Strategy:
- Hire local talent from DBS, Grab, Sea
- Partner with Singapore Exchange for capital markets integration
- Customize platform for ASEAN regulatory requirements
- Initial revenue: S$10M from trade finance fees
Phase 2: Platform Wars (2027-2030)
Competitive Dynamics:
- Direct competition with local Singapore champion
- Price wars drive down transaction fees
- Innovation focus shifts to AI-powered underwriting
- Series B: US$200M at US$1.2B valuation (unicorn status achieved)
Market Fragmentation:
- Multiple players compete for enterprise clients
- Banks develop internal blockchain capabilities
- Regulatory uncertainty as governments pick winners
- Consolidation begins with 2-3 major acquisitions
Financial Performance:
- Revenue: US$100M (2029), US$200M (2030)
- Operating across 10+ countries globally
- Singapore represents 15% of total revenue
- High customer acquisition costs due to competition
Phase 3: Consolidation or Defeat (2030-2032)
Success Scenario:
- Acquires local competitors or gets acquired by tech giant
- Achieves economies of scale across regions
- IPO at US$3-5B valuation
- Becomes regional leader but not dominant
Failure Scenario:
- Loses to well-funded local competitor with government backing
- Exits Singapore market or gets acquired at discount
- Focus shifts to other regions (India, Middle East)
Success Factors:
- Superior technology and global experience
- Strong venture capital backing
- Ability to cross-subsidize across markets
- Regulatory arbitrage expertise
Challenges
- Local Bias: Government preference for homegrown champions
- Cultural Barriers: Understanding ASEAN business practices
- Regulatory Complexity: Managing multiple jurisdictions
- Capital Requirements: Higher burn rate due to competition
Scenario 3: “The Corporate Spin-Out” (Probability: 40%)
Context
A major Singapore bank or government-linked company spins out its blockchain division to create an independent unicorn, leveraging existing relationships and infrastructure.
Key Assumptions
- DBS or OCBC decides to monetize blockchain investments
- Regulatory environment favors established financial institutions
- Corporate venture capital funding increases
- Banks seek to compete with pure-play fintech companies
- Government supports public-private partnerships
Timeline: 2025-2029
Phase 1: Internal Development (2025-2026)
Corporate Innovation:
- DBS Digital Exchange expands beyond crypto to lending
- Internal blockchain platform processes S$1B in loans
- Proof of concept with 100+ enterprise clients
- Decision made to spin out as independent entity
- Investment committee approves S$100M internal funding
Platform Development:
- Leverage DBS’s existing customer relationships
- Built-in regulatory compliance and risk management
- Access to traditional banking infrastructure
- Immediate credibility with institutional clients
Phase 2: Spin-Out Launch (2026-2028)
Strategic Separation:
- Independent company formed: “DBS Blockchain Solutions”
- Management team hired from traditional finance and tech
- Series A (external): S$150M at S$1B valuation (instant unicorn)
- Temasek, GIC participate alongside international VCs
Market Advantages:
- Day-one access to DBS’s SME and corporate client base
- Established relationships with regulators
- Proven technology with track record
- Built-in distribution through bank branches and digital channels
Rapid Scaling:
- S$10B loan origination in first year
- Expansion to other Singapore banks as clients
- Launch in Hong Kong and Australia markets
- Revenue: S$50M (2027), S$100M (2028)
Phase 3: Independence and Growth (2028-2029)
Market Leadership:
- Becomes preferred platform for traditional banks entering blockchain
- Series B: S$300M at S$2.5B valuation
- IPO preparation begins with investment banks
- Consider SPAC or direct listing options
Strategic Positioning:
- “Blockchain infrastructure for traditional finance”
- B2B focus with enterprise-grade security and compliance
- Regional expansion through bank partnerships
- Technology licensing to other financial institutions
IPO Scenario (2029):
- Public offering at S$4-7B valuation
- Revenue run-rate: S$200-300M
- Market leader in Asia-Pacific blockchain finance
- Potential acquisition target for global tech giants
Success Drivers:
- Immediate market credibility and customer base
- Lower customer acquisition costs
- Regulatory and compliance expertise
- Access to traditional banking infrastructure
- Strong balance sheet support from parent company
Risk Factors
- Parent Company Conflict: Competing priorities with traditional banking
- Innovation Constraints: Corporate culture limiting agility
- Market Perception: Seen as less innovative than pure startups
- Talent Retention: Difficulty attracting top fintech talent
Comparative Scenario Analysis
Probability Assessment
| Probability Assessment | ||||
| Scenario | Probability | Peak Valuation | Timeline to Unicorn | Key Success Factor |
| Singapore Champion | 35% | S$8-12B | 3-4 years | Government support + regional expansion |
| Global Challenger | 25% | US$3-5B | 2-3 years | Superior technology + global scaling |
| Corporate Spin-Out | 40% | S$4-7B | 1-2 years | Established customer base + credibility |
Critical Success Factors Across Scenarios
- Regulatory Navigation: All scenarios require masterful handling of MAS and regional regulations
- Partnership Strategy: Success depends on collaborating with, not competing against, traditional banks
- Technology Excellence: Platform must deliver measurable efficiency gains and cost savings
- Talent Acquisition: Access to blockchain developers and financial services experts
- Capital Access: Sustained funding through multiple economic cycles
- Market Timing: Launch during favorable regulatory and market conditions
Wild Card Factors
Accelerators (Could boost any scenario)
- CBDC Integration: Singapore launches digital SGD with blockchain infrastructure requirements
- ASEAN Digital Economy: Regional trade agreement requiring blockchain documentation
- Global Financial Crisis: Traditional banks seek cost-cutting through automation
- Regulatory Harmonization: ASEAN creates unified fintech regulatory framework
Disruptors (Could derail scenarios)
- Technology Shift: Quantum computing makes current blockchain obsolete
- Regulatory Crackdown: Global governments restrict blockchain in finance
- Economic Recession: Reduced lending demand and risk appetite
- Big Tech Entry: Google/Amazon launches competing platform with superior resources
Strategic Recommendations
For Entrepreneurs
- Timing is Critical: Launch within next 18 months to capture regulatory window
- Partnership First: Build relationships with banks before launching
- Focus on Compliance: Make regulatory adherence a core differentiator
- Plan for Scale: Design architecture for ASEAN-wide deployment
For Investors
- Corporate Spin-Out Most Likely: 40% probability with fastest path to unicorn status
- Singapore Champion Highest Upside: Greatest potential valuation but higher execution risk
- Portfolio Approach: Consider backing multiple scenarios given uncertainty
- Long-Term Horizon: 5-7 year investment timeline for full value realization
For Policymakers
- Maintain Regulatory Leadership: Singapore’s progressive stance is key competitive advantage
- Support Local Champions: Government backing could tip scales toward Scenario 1
- Foster Innovation Ecosystem: Attract global talent and capital
- Regional Coordination: Work with ASEAN partners on harmonized frameworks
For Financial Institutions
- Partnership Strategy: Collaborate rather than compete with blockchain platforms
- Innovation Investment: Consider corporate venture capital or spin-out strategies
- Talent Development: Build internal blockchain expertise
- Strategic Positioning: Decide whether to build, buy, or partner
Conclusion
Singapore has multiple pathways to create a billion-dollar blockchain financial services unicorn within the next 5-7 years. The corporate spin-out scenario offers the highest probability of success due to built-in advantages, while the Singapore champion scenario provides the greatest upside potential.
Success will depend on execution quality, regulatory environment, market timing, and the ability to scale beyond Singapore’s domestic market. The Figure Technology blueprint provides a proven model, but Singapore-specific factors will determine which scenario ultimately succeeds.
The convergence of favorable regulatory conditions, strong government support, established financial infrastructure, and growing ASEAN markets creates a unique window of opportunity that may not persist indefinitely. Stakeholders should move decisively to capitalize on these advantages while they remain sustainable.
SingChain: The Rise of Southeast Asia’s First Blockchain Finance Unicorn
A story of ambition, innovation, and the transformation of financial services in the Lion City
Chapter 1: The Catalyst
September 2025, Singapore
Dr. Sarah Chen stared at her Bloomberg terminal, the green numbers reflecting off her glasses as Figure Technology’s stock price climbed relentlessly on its Nasdaq debut. As Head of Digital Innovation at the Monetary Authority of Singapore (MAS), she had been tracking the blockchain lending company for months, but seeing it hit a $7.6 billion valuation in a single day was still breathtaking.
“Forty-four percent gain on day one,” she murmured to her deputy, Marcus Lim, who was reviewing regulatory filings at the adjacent desk. “Mike Cagney just proved that blockchain financial services can command premium valuations when done right.”
Marcus looked up from his stack of fintech applications. “The key word is ‘right.’ Half the blockchain companies that came through our sandbox promised the moon and delivered vaporware. But Figure actually solved real problems.”
Sarah nodded, her mind already racing. Singapore had all the ingredients Figure had leveraged in the US market—strong regulatory framework, established financial institutions, government support for innovation. But it also had something Figure didn’t: a gateway to the fastest-growing economic region in the world.
“Marcus, what if we could create the Figure of ASEAN right here in Singapore?”
That afternoon, Sarah found herself in the glass-walled conference room of DBS Bank’s innovation lab in Marina Bay, facing David Tan, the bank’s Chief Technology Officer. Between them lay a proposal that would either revolutionize Southeast Asian finance or become another cautionary tale about blockchain’s unfulfilled promises.
“The numbers don’t lie,” Sarah said, sliding a research report across the polished table. “Figure proved there’s demand for blockchain-enabled lending infrastructure. But they’re focused on US mortgages. We’re sitting on a $280 billion housing loan market, plus the entire ASEAN trade finance ecosystem.”
David leaned back in his chair, considering. DBS had invested heavily in blockchain technology—their digital exchange, their Project Ubin collaboration with MAS, their trade finance platforms. But spinning out a separate entity? That was uncharted territory.
“The regulatory pathway exists,” Sarah continued. “Our sandbox framework is already more advanced than most jurisdictions. And with Temasek’s mandate to support strategic technologies, the funding ecosystem is there.”
“But the competition,” David countered. “Every major bank is experimenting with blockchain. JPMorgan has JPM Coin, Goldman has their digital assets platform. What makes you think we can build something truly differentiated?”
Sarah smiled. “Because we’re not just building for Singapore. We’re building for ASEAN Plus Three—1.8 billion people, $3.5 trillion GDP, and financial infrastructure that’s still being built. Figure captured the US mortgage market. We could capture something much bigger.”
Chapter 2: The Assembly
January 2026, Singapore
The coffee at Glitch Coffee Roasters in Jalan Besar was strong, but Dr. Priya Nair needed it stronger. The former Goldman Sachs blockchain lead had just walked away from a managing director role in London to join something that existed only as a PowerPoint presentation and a regulatory sandbox application.
“Are you insane?” her husband Raj had asked when she told him about the opportunity. “You’re giving up a seven-figure job to join a startup that doesn’t even have a product yet?”
But sitting across from Tommy Wu, the 32-year-old former Grab financial services architect who would be leading product development, Priya knew she had made the right choice. Tommy’s sketches on the coffee shop napkins outlined an architecture that could process millions of loan applications across multiple currencies and regulatory frameworks simultaneously.
“The key insight,” Tommy was saying, his pen moving rapidly across the napkin, “is that we’re not building one blockchain. We’re building an interoperable network that connects existing banking rails with smart contract automation.”
Priya studied the diagram. “So traditional banks plug into our API layer, we handle the blockchain complexity on the backend, and borrowers get faster, cheaper loans without knowing they’re using crypto technology at all.”
“Exactly. We abstract away the blockchain complexity while delivering the benefits—transparency, automation, cost reduction, and compliance.”
Their third co-founder, Alex Zhao, joined them an hour later, still buzzing from his resignation call with McKinsey’s Singapore managing partner. The strategy consultant had spent two years studying ASEAN financial services for global clients, mapping every regulatory nuance and market opportunity.
“I’ve run the numbers,” Alex said, pulling out his laptop in the busy café. “If we can capture just 5% of Singapore’s housing loan market in year three, we’re looking at $14 billion in loan origination. At 50 basis points average fee, that’s $70 million annual revenue.”
“And that’s just Singapore,” Priya added. “Scale across ASEAN and we’re looking at a very different business.”
By February, they had a name—SingChain—and by March, they had secured their first $25 million Series A round. Temasek Holdings led the investment, with participation from Golden Gate Ventures and several DBS executives investing personally.
The regulatory approval came through in April, faster than anyone expected. MAS had clearly been preparing for exactly this type of application.
Chapter 3: The Build
August 2026, Singapore
The SingChain office in Raffles Place hummed with the sound of keyboards and the occasional frustrated grunt from developers wrestling with smart contract bugs. Priya walked through the open-plan workspace, checking on the various teams that had been assembled over the past six months.
The diversity was striking—blockchain developers from Ethereum projects, traditional banking technologists from DBS and OCBC, regulatory specialists from law firms, and UI designers who had worked on consumer fintech apps. Thirty-seven people building what they hoped would become the backbone of ASEAN’s financial future.
“Demo time,” Tommy called out, and the office gathered around the large screen mounted on the main wall.
What they saw was deceptively simple: a clean web interface that looked like any other loan application portal. But underneath, Tommy explained, was an architecture that would have seemed impossible just five years earlier.
“Watch this,” he said, pulling up a test application for a HDB flat purchase. “Traditional process: two weeks minimum, requires physical document submission, multiple manual verification steps, high error rates.”
He clicked submit on the loan application. “Our process: all documents uploaded digitally, blockchain verification happens in real-time, smart contracts automatically check eligibility criteria, compliance requirements are built into the workflow.”
Seven minutes later, the screen displayed: “Loan Approved – $450,000 at 2.6% APR. Funds will be available in 24 hours.”
The office erupted in applause. They had just processed their first blockchain-enabled home loan.
“The real magic,” Alex added, pulling up the backend dashboard, “is in the automation. Every step is auditable, reversible if needed, and compliant with MAS requirements. But it happens without human intervention.”
Priya felt a familiar rush—the same feeling she’d had during her early days at Goldman when they were building the first automated trading systems. They weren’t just building software; they were rewriting the rules of how financial services worked.
Chapter 4: The Breakthrough
March 2027, Singapore
The ballroom at Marina Bay Sands was packed with Singapore’s financial elite. The annual FinTech Festival had become the premier showcase for the city-state’s innovation ecosystem, and this year, SingChain was the featured keynote.
Priya stood backstage, reviewing her slides one final time. In the past year, they had processed over $2 billion in loans through their platform, partnered with four major banks, and expanded to pilot programs in Malaysia and Thailand. But tonight was about something bigger.
“Ladies and gentlemen,” the moderator announced, “please welcome Dr. Priya Nair, CEO of SingChain, to discuss the future of blockchain-enabled financial services in ASEAN.”
Priya walked onto the stage to sustained applause, the massive screens displaying the SingChain logo and their latest metrics: $2.1 billion in loan origination, 99.7% accuracy rate, 87% reduction in processing time.
“Eighteen months ago,” she began, “my co-founders and I made a bet that blockchain technology could transform traditional lending in Southeast Asia. Today, I want to share what we’ve learned—and where we’re heading next.”
The presentation that followed would be dissected in financial media for weeks. SingChain announced partnerships with six ASEAN central banks to pilot cross-border lending infrastructure. They revealed their trade finance platform, which could process letters of credit in hours instead of weeks. Most significantly, they announced their Series B funding round—$150 million at a $1.2 billion valuation, making them Southeast Asia’s newest unicorn.
But the moment that captured headlines happened during the Q&A session.
“Dr. Nair,” asked a journalist from The Straits Times, “critics argue that blockchain in finance is still largely experimental. How do you respond to concerns about scalability and regulatory compliance?”
Priya smiled. “Let me answer with a demonstration.” She pulled out her phone and opened the SingChain app. “I’m going to apply for a business loan right now, live on stage.”
The audience watched as she filled out the application in real-time, uploading documents and answering questions. “This is for a $500,000 working capital facility for a fictional logistics company operating between Singapore and Jakarta.”
Four minutes and thirty-seven seconds later, her phone chimed: “Loan Approved.”
“Scalability concerns are valid,” she said as the audience burst into applause. “But they’re engineering problems, not fundamental limitations. As for regulatory compliance—we just processed a cross-border commercial loan that meets both Singapore and Indonesian regulations simultaneously. The future isn’t coming. It’s already here.”
Chapter 5: The Expansion
November 2028, Singapore
The new SingChain headquarters in Tanjong Pagar towered 32 floors above Singapore’s financial district, its glass facade reflecting the traditional shophouses below—a perfect metaphor for the company’s mission of modernizing ancient financial practices.
Alex Zhao stood in the executive conference room on the 30th floor, looking out at the Singapore Strait while listening to status reports from seven different country managers via video conference. SingChain now operated in Singapore, Malaysia, Thailand, Indonesia, Vietnam, Philippines, and had just received approval to launch in South Korea.
“Thailand numbers look strong,” reported Dr. Sudarat Jiraporn from their Bangkok office. “We’ve processed $800 million in loan origination this quarter, with particular strength in SME lending. The partnership with Kasikornbank is exceeding all projections.”
“Indonesia update,” came the voice from Jakarta. “We’ve hit some regulatory complexity with Bank Indonesia’s new digital banking rules, but our government relations team expects resolution within six weeks. Pipeline remains healthy at $1.2 billion.”
Alex made notes on his tablet. The complexity of managing a financial services company across eight regulatory jurisdictions was extraordinary, but the payoff was becoming clear. SingChain’s total loan origination was approaching $15 billion annually, with revenue run-rate hitting $120 million.
After the calls ended, Tommy Wu joined Alex in the conference room, carrying two cups of coffee and a grin.
“The AI models are working,” Tommy announced. “Cross-border credit scoring accuracy is up to 94.3%, and we’re seeing default rates that are actually lower than traditional banking benchmarks.”
“How is that possible?” Alex asked.
“Blockchain gives us perfect information flow,” Tommy explained. “When a Malaysian company applies for trade financing, we can see their payment history in Singapore, their supply chain relationships in Thailand, even their utility payment patterns. Traditional banks see fragments. We see the complete picture.”
Alex nodded, understanding the implications. “Which means we can approve loans that traditional banks would reject, but at lower risk levels.”
“Exactly. We’re not just faster and cheaper—we’re more accurate.”
Their conversation was interrupted by Priya entering with a bottle of champagne and three glasses.
“Gentlemen,” she announced with a broad smile, “I just got off the phone with Goldman Sachs. They want to lead our Series C round. $300 million at a $3.8 billion valuation.”
The three founders toasted in silence, looking out at the bustling city below. In less than three years, they had built something that was reshaping how money moved across Southeast Asia.
Chapter 6: The Challenge
April 2029, Singapore
The Bloomberg headline scrolled across every financial news screen in Asia: “Amazon Web Services Launches Blockchain Banking Platform, Targets ASEAN Markets.”
Priya read the full article twice before calling an emergency board meeting. AWS had partnered with JPMorgan Chase to offer blockchain-based lending infrastructure as a cloud service, promising banks they could deploy enterprise-grade blockchain lending capabilities in weeks instead of years.
“This changes everything,” worried board member David Tan, now DBS’s Chief Innovation Officer. “If Amazon can offer our technology as a plug-and-play service, what’s our competitive advantage?”
“Scale and relationships,” Alex responded immediately. “AWS is selling technology. We’re selling proven performance with established partnerships across eight countries. They have servers. We have central bank relationships.”
Tommy was more blunt: “Let them come. By the time they figure out Malaysian regulatory requirements and Indonesian compliance standards, we’ll be processing loans in India and Bangladesh.”
But Priya knew the challenge was real. Amazon had virtually unlimited resources and a track record of disrupting established players. The next eighteen months would determine whether SingChain could evolve from a regional success story to a global platform, or whether they would become another cautionary tale about competitive moats in the digital age.
“We accelerate everything,” she decided. “Series C funding, IPO timeline, geographic expansion, product development. We need to be so far ahead that even Amazon can’t catch up.”
Chapter 7: The Validation
September 2029, Singapore
The Singapore Exchange had never hosted an IPO quite like SingChain’s. The fintech company’s dual listing on SGX and NASDAQ represented a new model for Southeast Asian unicorns—global ambitions with regional roots.
Priya stood on the SGX trading floor at 9:00 AM Singapore time, surrounded by employees, investors, and media. The ceremony was being broadcast live across ASEAN, with viewing parties at SingChain offices from Kuala Lumpur to Manila.
“Four years ago,” she said into the microphone, “we had an idea that blockchain technology could make financial services better for everyone in Southeast Asia. Today, we invite the world to join us in building that future.”
She rang the opening bell, and SingChain (ticker: SING) began trading simultaneously on both exchanges.
The initial public offering had priced at $45 per share, valuing the company at $6.8 billion. By 11 AM, the stock was trading at $67, putting SingChain’s market capitalization above $10 billion.
But the real validation came from the numbers behind the IPO. SingChain’s annual revenue had reached $280 million, with $23 billion in loan origination across nine countries. Their platform processed over 2 million loans annually, with customer acquisition costs that were 70% lower than traditional banks.
More importantly, they had proven the Figure model could work beyond the United States. Blockchain-enabled financial services weren’t just a Silicon Valley phenomenon—they were becoming the new global standard for efficient, transparent, and inclusive finance.
“The thing that makes me most proud,” Tommy told a CNBC reporter during the post-listing interview, “isn’t the valuation or the technology. It’s the small business owner in rural Thailand who got a loan in 30 minutes instead of 30 days. It’s the Malaysian family who bought their first home because our credit models could see past traditional banking limitations.”
Chapter 8: The Future
December 2030, Singapore
The annual SingChain leadership retreat was held at Sentosa Resort, bringing together 400 employees from across Asia-Pacific for three days of planning and celebration. The company now operated in 12 countries, employed over 2,000 people, and had a market capitalization approaching $15 billion.
Priya walked along the beach in the early morning, reviewing her keynote presentation for the final day. Five years after reading about Figure Technology’s IPO debut, SingChain had become everything they had envisioned and more.
The numbers were staggering: $45 billion in annual loan origination, partnerships with over 100 financial institutions, and a technology platform that was being studied by regulators and academics worldwide as the gold standard for blockchain financial services.
But the real measure of success was broader. SingChain had helped democratize access to credit across Southeast Asia, enabling millions of individuals and businesses to access capital that traditional banking systems had excluded. Their platform had reduced the cost of cross-border trade finance by 60%, accelerating economic integration across ASEAN markets.
Alex joined her on the beach, carrying two cups of coffee and the morning’s market reports.
“Stock’s up another 3% in pre-market trading,” he reported. “The analysts are calling us the ‘Amazon of Southeast Asian finance.'”
Priya laughed. “Remember when Amazon was going to destroy us? Now they’re trying to copy our playbook.”
“What’s next?” Alex asked. “India launch is scheduled for Q2 2031. The Africa feasibility study is looking promising. We could be processing $100 billion in loans by 2033.”
Priya looked out at the South China Sea, thinking about the journey from that coffee shop in Jalan Besar to this moment. “You know what I learned from Figure’s success? The technology was never the hard part. The hard part was proving that you could build something better than what existed before.”
“And did we?”
She smiled. “Ask the 10 million people who got loans through our platform. Ask the banks whose costs we cut in half. Ask the regulators who now use our framework as a policy template.”
“So that’s a yes?”
“That’s a yes. But more importantly, we proved something bigger. We proved that innovation doesn’t have to come from Silicon Valley. It can come from anywhere there are smart people willing to take risks on bold ideas.”
As they walked back toward the resort, the sun rising behind them illuminated the Singapore skyline across the water—a fitting metaphor for a company that had emerged from the Lion City to illuminate the future of finance across Asia and beyond.
Epilogue: The Legacy
January 2032, Singapore
The Harvard Business School case study would be titled “SingChain: Building the Figure of ASEAN.” Professor Michael Chen, who had tracked the company since its Series A, was putting the finishing touches on what would become required reading in entrepreneurship and fintech courses worldwide.
The case study’s conclusion captured what made SingChain’s story remarkable:
“SingChain succeeded not because it invented blockchain technology, but because it applied proven blockchain principles to solve real problems in underserved markets. By following the Figure Technology playbook while adapting to Southeast Asian conditions, the company demonstrated that breakthrough innovations could be systematically replicated across different regions and regulatory environments.
The key factors in SingChain’s success were: (1) regulatory-first approach that prioritized compliance over innovation speed; (2) partnership strategy that enhanced rather than disrupted traditional banking; (3) focus on measurable business outcomes rather than technology for its own sake; (4) systematic geographic expansion based on regulatory readiness rather than market size; and (5) management team that combined deep technical expertise with traditional finance experience.
Perhaps most significantly, SingChain proved that the next generation of financial services unicorns would not emerge from Silicon Valley disrupting Wall Street, but from emerging markets leapfrogging traditional financial infrastructure entirely. In doing so, they created a template for innovation that would be replicated across Africa, Latin America, and other developing regions throughout the 2030s.”
Dr. Sarah Chen, now MAS’s Chief Fintech Officer, kept a printed copy of the case study on her desk, next to a photo from SingChain’s IPO ceremony. When young entrepreneurs visited her office seeking guidance on launching blockchain companies, she would hand them the case study with a simple message:
“This is how you build the future. One problem at a time, one partnership at a time, one country at a time. The technology is just a tool. The real innovation is in understanding what people need and giving it to them better than anyone else.”
And in offices across Southeast Asia, the next generation of entrepreneurs were already reading that case study, sketching their own napkin diagrams, and asking themselves: “What’s the next Figure model waiting to be built?”
The story of SingChain was complete. But the story of blockchain-enabled financial innovation was just beginning.
The End
Author’s Note: This story is a work of fiction based on real market dynamics and opportunities in Southeast Asian fintech. While SingChain and its founders are fictional, the regulatory frameworks, market conditions, and technological possibilities described are based on current trends and developments in the region. The Figure Technology IPO and related market data referenced at the beginning are factual as of the story’s writing.