Singapore's fintech sector enjoyed a mixed year in 2022, with a record level of activity but a significant drop in the level of funding, according to recently published data.
The figures from FinTech Global Research show that fintech companies based in Singapore were engaged in a record number of deals in 2022 with 232 deals in total.
However, the level of funding declined by 29% to $2.4bn between 2021 and 2022. The average deal size fell even further, falling by 39% to $10.3m.
The largest deal was conducted by digital asset infrastructure provider Amber Group which raised $300m from its most recent series C funding round.
The blockchain and crypto sector was the most active part of the fintech market, accounting for 82 deals and a 35% share of the transactions for 2022.
Paytech and wealthtech were the second and third most active sectors respectively.
By on Fri, 03 Mar 2023 12:15:00 GMT
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