Singapore records highest fintech funding in 3 years amidst global slowdown

• KPMG Pulse of Fintech 2H22 shows that fintech investments in Singapore in 2022 witnessed a three-year high of USD4.1bn across 250 deals.
• Singapore’s top three investment areas were crypto/blockchain, payments, and wealthtech.
• The global fintech market attracted USD164.1bn across 6,006 deals in 2022, a fall from the high of USD238.9bn seen in 2021.
• 2022’s total deal value here saw a 22% increase, up from USD3.4bn in 2021, and a 75% increase from 2020’s total deal value of USD2.3bn. The 2022 figure is also the second highest fintech investment achieved by Singapore in the past decade after investments peaked at USD5.62bn in 2019 just before Covid-19.
• KPMG also noted that in the Asia-Pacific region, Singapore included, there has been a growing focus over the last year on developing B2B fintech solutions. For this year, jurisdictions in the Asia-Pacific region that already have strong crypto regulatory environments — such as Japan, Singapore, and Hong Kong — are expected to attract interest from crypto players and investors in the wake of the meltdown of FTX.
• Even the payments sector is expected to continue to attract the largest deals in the region as the payments space was the biggest ticket for fintech investors in Southeast Asia in 2022.

External Link : https://techwireasia.com/2023/02/singapore-records-highest-fintech-funding-in-three-years-amidst-a-global-slowdown/