Singapore’s fintech sector experienced a mixed year in 2022, highlighted by a record level of activity despite a significant decline in funding, according to recent data.
FinTech Global Research reports that fintech companies in Singapore engaged in a total of 232 deals, setting a new record for the market. However, the total funding amount dropped by 29%, reaching $2.4 billion from the previous year. Additionally, the average deal size decreased by 39%, coming in at $10.3 million.
The largest deal of the year was executed by the digital asset infrastructure provider Amber Group, which secured $300 million in its latest series C funding round.
The blockchain and crypto sector emerged as the most active area, with 82 deals, representing 35% of all transactions in 2022. Following closely, paytech and wealthtech were the second and third most active sectors, respectively.