The financial technology (fintech) sector in Singapore made significant strides in 2021 by hitting $3.94 billion, with crypto and blockchain funding contributing nearly half at $1.48 billion, according to KPMG’s Pulse of FinTech report.
Per the announcement:
“Investments in Singapore’s fintech sector grew 47% year-on-year to hit $3.94 billion in 2021. Blockchain and crypto raked in almost half of the funds, raising $1.48 billion across 82 deals.”
Therefore, the fintech industry reached a five-year high with 191 deals, representing a 37% increase from 139 deals in 2020.
Some of the factors that fueled this growth entail the rollout of local measures to revamp the capital market. They included creating a special purpose acquisition company (SPAC) listing framework meant to make Singapore an ideal choice for unicorns and fast-growing companies.
As a result, crypto and blockchain funding took the lion’s share in the funded fintech category because it saw exponential…