Accenture reports a 'sharp' rise in Singapore fintech investments
Accenture has announced a notable increase in the amount of fintech investments in made 2019, according to its latest report.
The results report from January to 30 September 2019, sharing a dramatic increase of 69% from 2018 (US$435mn to $735mn)
According to the report, the number of fintech deals fell by almost a third in the first quarter of 2019, before making a steady recovery throughout the year.
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“As we’ve seen in other parts of the world, fundraising is shifting to support the scaling up of challenger and collaborative fintech, which will cause lumpiness in some rounds as the market becomes more mature,” said Divyesh Vithlani, a managing director at Accenture and head of Financial Services in the ASEAN region. “This steady flow of funds shows investors’ confidence in the future growth potential of the fintech industry in Singapore.
"The upcoming unveiling of virtual banking licenses will bring even more opportunities for fintech startups and traditional banks to partner and cooperate.”
“Crossing a billion-Singapore-dollar investment threshold is recognition from investors around the world of the potential of Singapore’s fintech ecosystem and the outlook for digital financial services not just in Singapore, but also in Southeast Asia,“ said Sopnendu Mohanty, chief fintech officer of the Monetary Authority of Singapore. “These comprehensive figures show that fintech investment in Singapore has increased nearly six-fold year-on-year from 2015.
“It’s encouraging to see the local startups financing their global growth from Singapore. Additionally, several global fintech companies with regional headquarters in Singapore have recently raised sizeable funds to fuel their Asian expansion.”
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