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The purpose of this report is to provide an update on the status of FinTech investments in Singapore for the first quarter of 2024.
I. RECAP: 2023 FINTECH FUNDING
In 2023, nearly all the countries in our coverage universe¹ saw a decline in FinTech investments, driven by global macro-economic conditions.
The key exception was China, which saw investment almost triple in 2023 vs. 2022. It is worth noting, however, that China’s 2023 numbers were primarily driven by Ant Consumer Finance raising US$2.13 billion, constituting 83% of China’s total deal value that year.
¹ Coverage universe includes – High Level: US, UK, India, China, UAE, Singapore, Hong Kong, Indonesia