SG fintech firms secure three in five funding deals: report

The city-state has attracted the highest funding amount at 42% in ASEAN.

Investor interest in Singapore-based fintech firms has remained strong, attracting the highest funding amount (42%) in ASEAN, according to the FinTech in ASEAN: Get up, Reset, Go! report by UOB, PwC Singapore, and Singapore FinTech Association.

Out of the 95 closed deals that took place in Q1 to Q3, nearly two-thirds went to fintech firms in Singapore, the report revealed.

“This could be as investors place faith in Singapore’s favourable regulatory and business environment and its good track record of mitigating the impact of crises such as the COVID-19 pandemic,” the report added.

Funding for Singapore-based fintech firms has remained diversified as compared to other ASEAN markets, with alternative lending, payments and banking technology taking the lead.

“A key contributor to the strong performance in Singapore is the conducive, collaborative and supportive ecosystem,” commented PwC Singapore fintech leader Wong Wanyi. “For example, incentives coming from regulators and key industry associations like the SFA and the strong startup culture of knowledge sharing helps to accelerate the industry's growth.”