It’s now the fifth largest fintech market in APAC.
Fintech investments in Singapore greater than doubled to $1.21b (US$861m) in 2019 from solely $511.46m (US$365m) within the earlier yr, in accordance with a examine by Accenture. The variety of offers within the nation additionally jumped 52% to 108 from solely 71 in 2018.
This places the nation because the fifth largest fintech market by funds in Asia Pacific, behind India, China, Australia and South Korea.
About 39% of the entire funds raised final yr went into funds startups, while insurtechs raked in 25% of the investments. Fintechs providing lending providers additionally accounted for 13% of the entire.
Additionally learn: Singapore fintechs took up 51% of funding in ASEAN as of Q3
Seven of the highest 10 offers ever in Singapore’s historical past came about in 2019. These together with the $140.13m (US$100m) cloud firm Deskera closed in Could and the $126.11m (US$90m) funding every obtained by credit score danger analytics and lending startup FinAccel and insurtech Singapore Life. One other notable deal is monetary merchandise market GoBear’s $112.1m (US$80m) funding spherical.
Monetary hub rival Hong Kong additionally almost doubled its fintech investments in 2019 to $524.07m (US$374m), while the variety of offers jumped 32% to 25 from 19.
In distinction, the entire worth of fintech offers globally dipped 3.7%, to $74.69b (US$53.3b) from $77.49b (US$55.3b) in 2018, when totals had been boosted by a file $19.61b (US$14b) from Ant Monetary and three different multi-billion-dollar transactions from Chinese language corporations.
Additionally learn: Fintech investments hit $1.01b in 9M 2019
The worth of offers within the US jumped 54%, to $36.5b (US26.1b), with the variety of transactions rising 6.9%, to 1,232, signaling that traders stay assured concerning the future development and demand for revolutionary digital options for banks, insurers and funds suppliers, famous Accenture.
Within the UK, fintech investments rose 63% to $8.83b (US$6.3b) — nearly the identical as the entire for 2018 and 2017 mixed.
For the report, Accenture analysed knowledge from venture-finance knowledge and analytics agency CB Insights.