Singapore Fintech Investments exceeded S$1 Billion
Now the total value of deals reaches $735 million (S$1 billion), which exceeded the $642 million raised in 2018. At the same time, the number of deals in fintech fell from 133 to 91 within the nine months in 2019 proving that investors put more money into fewer deals.
Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore noted that it was a real sign of recognition from investors all over the world to cross a billion-Singapore-dollar investment threshold. Mohanty informed that it cheered him up that the local startups got financing from Singapore for their global growth, e.g. some fintech companies with regional headquarters in Singapore had mobilised funds to enter the Asian market.
Investments in payments startups and lending took the main part of financial technology fundraising. They were 34 percent and 20 percent of the total, respectively. Investments in insurtechs raked in 17 percent. The value of payments deals increased up to $251 million, making the biggest contribution to the overall gains this year. Insurtech funding jumped to S$128 million from S$35 million, and lending rose more than 50 percent, to S$145 million.
Divyesh Vithlani, a managing director at Accenture and head of Financial Services in the ASEAN region informed that fundraising was shifting to support the scaling up of challenger and collaborative financial technology that would cause lumpiness when the market became more mature.