The financial technology sector is seeing rapid growth in Singapore, as fintech investments saw a significant increase from US$180 million in 2017 to US$365 million in 2018.
Accenture revealed that investors have been paying attention to the developing fintech ecosystem in Singapore, with the number of deals growing by 16% from 61 in 2017 to 71 in 2018. Accenture defined fintech companies as those that provide technologies for banking and corporate finance, capital markets, financial data analytics, insurance, payments and personal financial management.
The growing number of deals means that Singapore is now known as the third most rapidly growing market in the region, after China and India.
Fintech deals in Singapore last year included cloud company Deskera (US$60 million in funding), insurtech Singapore Life (US$52 million in funding), and cryptocurrency and blockchain startup Terra (US$32 million in funding).
The largest minority of total fintech funding raised in Singapore in 2018 went to businesses in lending at approximately 28%, while those offering services to facilitate payments took 26%, and insurtechs followed with 20%.
Divyesh Vithlani, Accenture’s Managing Director of Financial Services in the ASEAN region, stated that, “It’s great to see the fintech market in Singapore reaching this level of activity and diversification, which just goes to show how much it’s matured the past years.”
According to Vithlani, “The size of the market and the value of deals still has a lot to catch up to regional giants such as China and India, but Singapore is already the third busiest fintech market in the region, and this level of activity bodes well for the future expansion of new technologies in many different areas of finance.”
Meanwhile, research suggested that investment in fintech ventures worldwide has more than doubled in 2018 to US$55.3 billion. This has been attributed to a steep rise in fintech funding in China, as well as significant growths in other countries, as investors are putting higher bets in more mature startups.
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