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Fintech Investments Quantity in Singapore Reached over $3.9 Billion in 2021

Written by James Smith

The monetary expertise (fintech) sector in Singapore made vital strides in 2021 by hitting $3.94 billion, with crypto and blockchain funding contributing practically half at $1.48 billion, according to KPMG’s Pulse of FinTech report. 

Per the announcement:

“Investments in Singapore’s fintech sector grew 47% year-on-year to hit $3.94 billion in 2021. Blockchain and crypto raked in virtually half of the funds, elevating $1.48 billion throughout 82 offers.”

Subsequently, the fintech trade reached a five-year excessive with 191 offers, representing a 37% improve from 139 offers in 2020. 

A few of the components that fueled this development entail the rollout of native measures to revamp the capital market. They included making a particular goal acquisition firm (SPAC) itemizing framework meant to make Singapore an excellent alternative for unicorns and fast-growing firms.

In consequence, crypto and blockchain funding took the lion’s share within the funded fintech class as a result of it noticed exponential development from $109.75 million pooled in 2020 to $1.48 billion final 12 months.

The report added:

“Blockchain and crypto drew a document $30.2 billion in investments final 12 months, up from $5.5 billion in 2020 and greater than 3 times the earlier document of $8.2 billion in 2018.”

Anton Ruddenklau, KPMG Worldwide’s Singapore-based world fintech chief, acknowledged that 2021 was a superb 12 months for the fintech trade as a result of worldwide funding soared to $210 billion.

He added:

“We’re seeing an unimaginable quantity of curiosity in all method of fintech firms, with document funding in areas like blockchain and crypto, cybersecurity, and wealth tech. Whereas funds stay a major driver of fintech exercise, the sector is broadening day-after-day.”

As one of many huge 4 auditing corporations, KPMG is just not being unnoticed of the crypto bandwagon as a result of it lately announced that it added Bitcoin (BTC) and Ethereum (ETH) to its company treasury. 

Picture supply: Shutterstock

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James Smith

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