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Singapore achieves highest fintech funding in three years

Fintech investments in Singapore witnessed a three-year high of 4.1 billion USD across 250 deals, according to the KPMG Pulse of Fintech H2’22.
Singapore achieves highest fintech funding in three years ảnh 1Illustrative image (Source: KPMG)
Singapore (VNA) - Fintech investments inSingapore witnessed a three-year high of 4.1 billion USD across 250 deals, according to the KPMG Pulse of Fintech H2’22.

2022’s total deal value here saw a 22% increase, upfrom 3.4 billion USD in 2021, and a 75% increase from 2020’s total deal valueof 2.3 billion USD.

The 2022 figure is also the second highest fintechinvestment achieved by Singapore in the past decade, after investments peakedat 5.62 billion USD in 2019 just before the COVID-19 pandemic.

Singapore’s 2022 positive showing comes against thebackdrop of falling global fintech investment which dropped to 164.1 billionUSD.

The top three areas of fintech investment in theisland state were crypto/blockchain, followed by payments and finallywealthtech.

However, despite being one of the top funded segments,crypto and blockchain funding in Singapore did decline by 21% from 1.5 billion USDin 2021 to 1.2 billion USD in 2022.

The Terra (Luna) crash in mid-2022, bankruptcy ofcrypto hedge company Three Arrows Capital in July and the FTX bankruptcy inNovember contributed to this decline.

KPMG predicts that the investment in crypto-focusedfirms will remain very slow into the first half of this year as investorsenhance their due diligence and governance processes./.
VNA
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