Singapore’s fintech sector enjoyed a mixed year in 2022, with a record level of activity but a significant drop in the level of funding, according to recently published data.

As Finextra.com reports, the figures from FinTech Global Research show that fintech companies based in Singapore were engaged in a record number of deals in 2022 with 232 deals in total.

However, the level of funding declined by 29% to $2.4bn between 2021 and 2022. The average deal size fell even further, falling by 39% to $10.3m.

The largest deal was conducted by digital asset infrastructure provider Amber Group which raised $300m from its most recent series C funding round.

The blockchain and crypto sector was the most active part of the fintech market, accounting for 82 deals and a 35% share of the transactions for 2022.

Paytech and wealthtech were the second and third most active sectors respectively.



It was previously reported that four digital banks will get full bank licenses in Singapore in early 2022. The Monetary Authority of Singapore (MAS) said it will award digital full bank licenses to the Grab-Singtel consortium and tech giant Sea, to Ant Group, as well as to a consortium comprising three other companies.

In 2020, the number of fintech companies in Singapore increased by 70% in a year to more than 1000. About half of these companies were founded by foreigners. Singapore is popular among foreign entrepreneurs due to its developed state and corporate systems that make it easier to do business. Besides, the city has launched many business support programs, such as various business accelerators and special visa programs.

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