Singapore Fintech Funding Booms, Crypto Maintains Lead : Report

Singapore Fintech Funding: Fintech investment in Singapore has reached its high in the last 3 years with a total investment of over U.S. $4.1 billion that came from 250 deals closing according to fresh data published by KPMG Pulse of Fintech.

In 2022, Singapore’s total fintech investment deal value increased by 22% compared to 2021, reaching $3.4 billion. Moreover, it showed a significant increase of 75% from 2020’s total deal value of $2.3 billion. This year’s figure represents the second-highest fintech investment in Singapore in the last ten years, with the highest being $5.62 billion in 2019 before the Covid-19 pandemic hit. This is a noteworthy achievement, especially given the decline in global fintech investment, which fell to $164.1 billion.

Crypto investments in Singapore fell from 2021

The top 3 contributors in the investment were crypto/blockchain which stood first; payments and wealthtech followed. However, the tumultuous year for crypto which was filled with bankruptcy and scams did affect the investments as well. The collapse of Terra sisters, Three Arrows hedge Fund (Singapore-based cryptocurrency company), and the collapse of FTX sent shock waves in the crypto world. The country saw a decline in crypto funding by 21% from 2021. It fell from $1.5 billion to $1.2 billion USD.

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According to the predictions of KPMG, investments in the crypto sector in the first half of 2023 will continue to remain “very slow” as the crypto world faces government processes.

The other contributors to the Fintech Sector

In 2022, as in many parts of the world, the payments segment continued to attract the largest share of fintech investments in Singapore. This category experienced a substantial increase in funding, with investment rising by 57% from $628.4 million in 2021 to $984.8 million. In addition, Singapore saw significant growth in the wealthtech sector, with fintech investments reaching $500 million in 2022, a remarkable increase from $29.60 million in 2021.

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Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected] or tweet at Shourya_Jha7

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.