By the numbers: A look into Singapore's Fintech Industry

Singapore falls behind India in terms of Fintech development.

Singapore has been named the second-best market in Southeast Asia (SEA) for Fintech development by Robocash Group.

The Lion City recorded a 50.90 score in  Robocash Group's SEA Fintech Index, lagging behind India by 300%.

Under the index, markets are scored by their share of total funding, the share of total funding, and the share of total active companies where Singapore got 27.6%, 10.6%, and 12.7%, respectively.

Singapore, however, prevailed over Indonesia due to the total amount of funds it attracted for 2022. "Singapore appears more promising from the investment perspective," Robocash Group commented.

According to the financial group's report, 12.9% of the largest FinTech companies in SEA operate in Singapore, ranking third overall in the region.

In terms of funds raised, Singapore ranks second, next to India, accounting for 27.6% or US$14.7b of total funds raised in SEA.

The Lion City also ranked high amongst markets with the most earnings from fintech, placing behind India and Indonesia.

In 2022, fintech companies in Singapore earned US$1.9b, representing 10.6% of total earnings in SEA.

In terms of return on investment, Singapore fell out of the top five, placing 9th amongst SEA markets. According to the report, Singapore's return on investment was 16.5%.