Fintech funding in Singapore reached record high of $396 mil

SINGAPORE (Feb 13): Singapore achieved a record high of US$299.1 million ($396.3 million) of fintech funding in 2017, according to the KPMG Pulse of Fintech report.

This was attributed to two of Asia's top 10 biggest deals taking place in Singapore in Q4 – GoSwiff’s US$100 million purchase by Paynear Solutions which boosted deal volume to an unmatched high over the prior three years, and Smartkarma’s US$13.5 million series B round.

Singapore has continued to showcase its value as an Asia-based fintech hub, especially in areas like blockchain, AI, and machine learning. It has also attracted a significant amount of foreign attention; well-established VC funds, large corporates and even more established fintech companies have made investments or set up shop in the country as a base for expansion into Southeast Asia.

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