Fintech in Singapore: A Look at the Most Successful Funding Rounds and Deals
Singapore has emerged as one of the most prominent fintech hubs in Asia, with a thriving ecosystem that has attracted investors and startups alike. The country’s fintech industry has witnessed significant growth over the years, with a increasing number of startups securing funding from venture capitalists, private equity firms, and government-backed initiatives. In this article, we take a look at some of the most successful funding rounds and deals in Singapore’s fintech space.
Notable Funding Rounds
In 2020, Singapore-based fintech startup, Fundnel, raised SGD 10 million (approximately USD 7.7 million) in a Series B funding round led by Singaporean venture capital firm, Vertex Venture Holdings. The funding will be used to expand Fundnel’s operations in Southeast Asia and diversify its investment portfolio.
Another notable funding round was secured by Singapore-based digital bank, DBS Bank’s subsidiary, Digibank. In 2020, Digibank raised SGD 400 million (approximately USD 310 million) in a Series C funding round led by DBS Bank and other investors. The funding will be used to expand Digibank’s operations in Singapore and other Asian markets.
Notable Mergers and Acquisitions
In 2019, Singapore-based fintech startup, Syfe, was acquired by Thai financial services firm, Kasikorn Bank, for an undisclosed amount. Syfe’s AI-powered investment platform will be integrated into Kasikorn Bank’s digital banking services, expanding the bank’s presence in the digital investment space.
In 2020, Singapore-based fintech startup, MatchMove, acquired Hong Kong-based payment solutions provider, PaySage, for an undisclosed amount. The acquisition will enable MatchMove to expand its payment processing capabilities and offer more comprehensive payment solutions to its customers.
Notable Partnerships
In 2020, Singapore-based fintech startup, Fintonic, partnered with Singaporean insurer, NTUC Income, to offer a new digital insurance product. The product will use Fintonic’s AI-powered recommendation engine to help customers choose the right insurance coverage based on their financial profiles and risk assessments.
In 2020, Singapore-based fintech startup, Go-Van, partnered with Singaporean logistics firm, J&T Express, to offer a new logistics and payment platform. The platform will enable Go-Van’s customers to book logistics services and make payments using a single interface, streamlining the logistics process and reducing costs.
Government Support
Singapore’s government has been actively supporting the fintech industry through various initiatives and programs. The Monetary Authority of Singapore (MAS) has launched several initiatives aimed at promoting the growth of fintech startups in the country, including the Financial Sector Development Fund (FSDF) and the FinTech & RegTech Industry Development Roadmap.
The Singapore Government has also launched several programs to support fintech startups, including the Startup SG Founder program and the Startup SG Equity program. These programs provide funding, mentorship, and other forms of support to help fintech startups grow and succeed.
Conclusion
Singapore’s fintech industry has witnessed significant growth over the years, with a increasing number of startups securing funding from venture capitalists, private equity firms, and government-backed initiatives. The country’s fintech ecosystem is expected to continue growing, driven by the government’s support and the increasing demand for digital financial services.
FAQs
What is fintech?
Fintech refers to the intersection of finance and technology, and refers to the use of technology to improve and automate financial services, such as banking, investing, and payment processing.
What is the significance of Singapore’s fintech industry?
Singapore’s fintech industry is significant because it has emerged as one of the most prominent fintech hubs in Asia, attracting investors and startups alike. The industry has also seen significant growth and innovation, driven by the government’s support and the increasing demand for digital financial services.
What are some of the most successful fintech startups in Singapore?
Some of the most successful fintech startups in Singapore include Fundnel, Digibank, Syfe, MatchMove, and Fintonic.
What is the government’s role in supporting the fintech industry in Singapore?
The Singapore government has been actively supporting the fintech industry through various initiatives and programs, including the Financial Sector Development Fund (FSDF) and the FinTech & RegTech Industry Development Roadmap. The government has also launched several programs to support fintech startups, including the Startup SG Founder program and the Startup SG Equity program.
What is the future of fintech in Singapore?
The future of fintech in Singapore is expected to be driven by the government’s support and the increasing demand for digital financial services. The industry is expected to continue growing and innovating, with a increasing number of startups and established companies alike adopting fintech solutions to improve and automate their financial services.
