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, in accordance 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 almost half of the funds, raising $1.48 billion across 82 deals.”
Therefore, the fintech business reached a five-year excessive with 191 offers, representing a 37% enhance from 139 offers in 2020.
Some of the elements that fueled this progress entail the rollout of native measures to revamp the capital market. They included making a particular function acquisition firm (SPAC) itemizing framework meant to make Singapore a great alternative for unicorns and fast-growing firms.
As a consequence, crypto and blockchain funding took the lion’s share within the funded fintech class as a result of it noticed exponential progress from $109.75 million pooled in 2020 to $1.48 billion final yr.
The report added:
“Blockchain and crypto drew a record $30.2 billion in investments last year, up from $5.5 billion in 2020 and more than three times the previous record of $8.2 billion in 2018.”
Anton Ruddenklau, KPMG International’s Singapore-based international fintech chief, acknowledged that 2021 was yr for the fintech business as a result of worldwide funding soared to $210 billion.
“We’re seeing an incredible amount of interest in all manner of fintech companies, with record funding in areas like blockchain and crypto, cybersecurity, and wealth tech. While payments remain a significant driver of fintech activity, the sector is broadening every day.”
As one of many massive 4 auditing companies, KPMG will not be being ignored of the crypto bandwagon as a result of it just lately introduced that it added Bitcoin (BTC) and Ethereum (ETH) to its company treasury.
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