Singapore’s fintech market demonstrated remarkable resilience and adaptability in the first half of 2024, despite a global decline in fintech investment, according to KPMG’s Pulse of Fintech report for H1 2024 seen by Business News Asia.
Deal activity in Singapore surged by 19%, reaching 117 deals across venture capital (VC), private equity (PE), and mergers & acquisitions (M&A), up from the 98 deals recorded in the second half of 2023.
However, the total amount raised by Singapore fintechs fell by 34% to USD 522.89 million, down from USD 790.10 million in H2 2023.
Globally, fintech investment dropped from USD 62.3 billion across 2,287 deals in H2 2023 to USD 51.9 billion across 2,255 deals in H1 2024, reflecting increased investor caution due to high interest rates and economic uncertainties.