Fintech investments in Singapore more than doubled to $365m in 2018 from $180m in 2017, putting the country among the top five fintech markets by funds raised last year in Asia Pacific, after China, India, Australia and Japan, according to Accenture's analysis of CB Insights data.
The number of deals in Singapore rose 16% to 71 in 2018 from 61 in 2017, according to Accenture, which defined fintech companies as those that offer technologies for banking and corporate finance, capital markets, financial data analytics, insurance, payments and personal financial management. The increase made Singapore the third busiest market in the region, behind only China and India.
Eight of the top 10 deals ever in Singapore took place in 2018, including the $60m cloud company Deskera raised in November, the $52m insurtech Singapore Life raised in December and the $32m cryptocurrency and blockchain startup Terra raised in August.
It's great to see the fintech market in Singapore reaching this level of activity and diversification, which just goes to show how much it's matured the past years"
About 28% of the total funds raised in Singapore last year went to fintech companies in lending, while those in payments took 26%, and insurtechs took 20%.
Divyesh Vithlani, Accenture's managing director of financial services in Asean said: "It's great to see the fintech market in Singapore reaching this level of activity and diversification, which just goes to show how much it's matured the past years.
"The size of the market and the value of deals still has a lot to catch up to regional giants such as China and India, but Singapore is already the third busiest fintech market in the region, and this level of activity bodes well for the future expansion of new technologies in many different areas of finance."
According to overall findings, global investment in fintech ventures more than doubled in 2018, to $55.3bn, led by a surge in funding in China and strong gains in several other markets as investors placed larger bets in more mature startups.
The investment data ranged from 2010 through 2018, and included equity and non-equity financing.