Fintech investments tripled in Singapore

  • News
  • Monday, 07 Aug 2017

GLOBAL investment in financial technology (fintech) firms more than doubled in the second quarter of the year, compared with the first quarter, to US$8.4bil (S$11.4bil) across 293 deals, KPMG said in a recent report.

Much of this was due to mergers and acquisitions, which accounted for US$5.9bil during the three months ended June 30. Venture capital funding for fintech firms declined slightly from the first quarter to about US$2.5bil.

Investment in fintech in Singapore more than tripled to US$61.5mil (S$83.3mil), although there were only four deals, compared with seven the quarter before.

In the second quarter, Monetary Authority of Singapore (MAS) began to shift its focus from education and innovation to promoting technology adoption and attracting companies to launch offerings in Singapore, it added.

"Over the longer term, MAS hopes to see more fintechs using Singapore as a base to pilot and then deploy solutions to other countries within South-East Asia, such as Indonesia and Thailand," said Chia Tek Yew, the head of financial services advisory at KPMG Singapore.

"The success of these cross-border solutions could prove the viability of using Singapore as a springboard for Asia-based expansion."

Across Asia, total fintech investment remained relatively steady, with US$760mil invested across 51 deals during the second quarter, compared with US$790mil across 56 deals in the first three months of the year.

In China, regulatory technology is also forecast to attract more attention from investors, particularly those related to anti-money laundering and digital identity management.

Interest in solutions related to financial inclusion is also expected to grow over the next few quarters, given the significant underbanked and unbanked populations in Asia. — Singapore Straits Times/ANN

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Business , fintech , MAS , Singapore


Next In News

IGP welcomes heavier fines for MCO violators, warns repeat offenders
POLITICS: Is it about to rain political frogs in Sabah again?
Pressure mounts on Shafie to keep Warisan reps from leaving
Facebook launches PR campaign to defend targeted ads in spat with Apple
Four men, including two cops, remanded over bribery investigation
Immigration officer gets jail, RM40,000 fine over RM2,100 bribe
Covid-19 vaccination: 30,000 shots allocated for first phase in Penang, CM Chow to lead the way
U.S. dawn attack targeted several areas in Eastern Syria - Syrian state television
Electronic Arts removes multiplayer mode from Dragon Age game in big pivot
Three ah long debt collectors nabbed for intimidating borrower

Stories You'll Enjoy