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Investments into Singapore’s fintech industry soared to $3.94 billion last year. Crypto and blockchain-related are among the fastest-growing niches in the industry accounting for almost half of the incoming funds.
KMPG's Pulse of FinTech report revealed that investments into the island nation’s fintech industry grew by 47 percent to $3.94 billion last year, ZDNet reported. Crypto and blockchain-related projects are among the largest recipients of these funds and raised $1.48 billion spread across 82 deals.
In fact, crypto and blockchain-related projects saw a 13 gold rise in investments in 2021, indicating the country’s increasing importance as a center of crypto activity. These projects received only $110 million in 2020, according to Cointelegraph.
KPMG attributed the significant growth in part to government efforts supporting the sector. These include the establishment of a special-purpose acquisition company (SPAC) that helped position Singapore as an attractive location for unicorns and fast-growing firms to go public.
There were 191 deals inked in 2021 for Singapore’s fintech sector, a 37 percent increase from the 139 deals sealed in 2020. Transaction value soared to $3.94 in 2021, up 59 percent from the $2.48 billion reported in the previous year.
KPMG’s report revealed that most of the fintech deals were inked in the latter part of last year with $2.98 billion deals sealed in the second half of 2021. This figure is almost triple the $1.04 billion deals inked in the second half of 2020.
Meanwhile, the Asia-Pacific region saw a significant rise in fintech funding last year. KPMG said that funding increased to $27.5 billion in 2021, with $17.4 billion raised in the second half last year. India and South Korea topped the most fintech funding received with $7.2 billion and $3 billion respectively.
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