Fintech investments in Singapore have nearly quadrupled to US$453 million
Fintech 16.08.2019
Accenture has recently released a report, with data from CB Insights, showing that fintech investments in Singapore have nearly quadrupled to US$453 million in the first half of this year.
In fact, investments into payments startups and those in lending took the bulk of global fintech fundraising – accounting for 28% and 25% of the total (respectively) while insurtechs raked in 14%.
“Increased activity in many markets is a good indicator of the level of confidence many investors have in the fintech industry,” said Piyush Singh, Managing Director at Accenture who leads its Financial Services practice in Asia-Pacific and Africa.
“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,” he added.
Meanwhile, the number of fintech deals globally rose about 2% from the first half of 2018 (to 1,561). However, activity was mixed in the world’s largest markets. While the number of deals was flat in the U.S. and rose sharply in the U.K., China and India experienced volume declines of 49% and 21%, respectively.
“Increased activity in many markets is a good indicator of the level of confidence many investors have in the fintech industry.”
– Piyush Singh, Managing Director at Accenture
In other parts of Asia, Japan saw the number of deals increasing 33%, while fundraising posted a near seven-fold increase in the first six months of 2019 in Hong Kong; with start-ups in the city raking in US$152 million, compared with just US$23 million last year, led by the US$100 million credit line that asset management firm FinEX Asia secured in June.
Additionally, the number of deals in Hong Kong also doubled to 12 (from six) a year ago.
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