Fintech Investment in Singapore Surges to Record Highs
Fintech investment in China may have taken a breather last year, but over in Singapore, things were a little different.
E27, citing a recent report by KPMG, says that investment in Singapore’s burgeoning fintech sector surged last year, posting a final tally of $227 million – a record high for the former colony. In contrast, total investment in Asian fintech tanked over 60%, falling from roughly $10 billion in 2016 to $3.85 billion in 2017.
GoSwiff’s $100 million acquisition by Paynear Solutions and Smartkarma’s $13.5 million Series B funding round helped push the Lion City’s numbers last year, though as KPMG notes, credit should also be given to the Monetary Authority of Singapore (MAS). Thanks to MAS’ efforts in fostering fintech in the region – from blockchain to machine learning – a “significant amount of foreign attention” has resulted, with renowned VC funds, corporates, and even large fintech companies either investing or setting up shop there.
And it looks like it isn’t done, yet:
Heading into 2018, the MAS has targeted financial inclusion as a critical priority, with the desire to make micropayments and remittances more accessible and cost effective for individuals working in the country who remit payments to family elsewhere in the region.
Singapore wasn’t the only Asian nation to do well in 2017, though. India, after a sleepy start to the year, saw its fourth quarter fintech investments climb from the year before:
Three Indian deals made this quarter’s list of the top 10 largest deals in Asia, including a $77 million Series E raise by online insurance marketplace PolicyBazaar, a $41 million Series D raise by POS platform provider Mswipe Technologies, and a $30 million Series D raise by online banking marketplace BankBazaar.
Photo: Jimmy McIntyre