Investment in Singapore fintech rose to US$229.1m in 2017
This was driven by two large deals in Q4.
KPMG reported that fintech investments in Singapore rose to US$229.1m, hitting a record high in 2017.
The fourth quarter recorded over US$120m of deal value, which was driven by deals in GoSwiff and Smartkarma amounting to US$100m and US$13.5m, respectively. The two companies also ranked second and tenth in Asia’s top 10 biggest deals in Q4.
According to KPMG, foreign VC funds, large corporates and established fintech companies have made investments in Singapore, making it as a base for expansion into Southeast Asia.
KPMG also added that MAS has made financial inclusion as its top priority, and micropayments and remittances will be made more accessible and cost effective for Singapore-based employees who remit payments to their families in other regions.