Despite a fall in the total value of fintech deals globally in the first six months of 2019, the value of fintech deals in Singapore has nearly quadrupled.
Singapore is now Asia-Pacific's third-largest fintech market by funds, placing just behind China and India, as the total value of fundraising deals in this sector grew almost fourfold to $453 million in the first half of 2019, according to global strategy and consulting firm Accenture.
The number of fintech deals in Singapore grew by 55 percent in the first half of 2019. Globally, the total number grew by 2 percent. China and India experienced declines of 49 percent and 21 percent respectively, while gains were recorded in Japan (33 percent), Sweden (40 percent) and Germany (27 percent).
«Increased activity in many markets is a good indicator of the level of confidence many investors have in the fintech industry,» Accenture managing director Piyush Singh, who leads its Financial Services practice in Asia-Pacific and Africa, said in a statement on the findings.
«Startups and the solutions they offer are maturing, which bodes well for traditional institutions partnering with fintechs and for innovation in the financial services industry as a whole.»
Less Deal Activity
Fundraising and deal activity in China, which skyrocketed in 2018, fell sharply and partially offset strong gains in the U.S., U.K. and several other European markets, the firm said, citing data from analytics firm CB Insights.
The total value of deals from January to June 2019 stood at $22 billion, compared to $31.2 billion for the same period last year. Discounting Ant Financial's $14 billion raise in May 2018, the value of deals for the first half of 2019 grew by 28 percent.
