Fintech Funding in Singapore Hits Record High
Financial technology funding in Asia declined in the final quarter of 2017, Singapore bucked the regional trend.
Overall the city-state achieved a new high of $229.10 million of fintech funding in 2017. Two of Asia's top ten biggest transactions by Smartkarma and PaySwiff took place in Singapore in the final quarter pulling in $113.5 million, according to KPMG’s latest Pulse of Fintech fourth quarter report.
With its leading fintech hub status Singapore has attracted a significant amount of foreign attention with well-established venture capital funds, large corporates and mature fintech companies making investments or establishing a foothold in the country as a base for expansion into Southeast Asia.
The Outlook
Elsewhere in the region increased government controls and regulations hampered China, Asia's most vibrant fintech market, and kept investors on the sidelines last year after two years of strong activity,
KPMG sees a renewal in fintech activity in China in 2018, particularly as China-based unicorns, such as Lufax, plan to undertake initial public offerings in Hong Kong.
