TLDR: Singaporean FinTech deal activity in 2023 decreased by 42% compared to the previous year, with a total of 135 deals recorded. Singaporean FinTech companies also saw a 33% drop in funding, raising a combined $1.6bn in 2023. Despite this decline, the country’s FinTech sector had shown steady growth over the past five years, with a compound annual growth rate of 9.2% from 2019 to 2023.
The largest FinTech deal in Singapore in 2023 was by Kredivo Holdings, which raised $270m in its Series D funding round. The funding will be used to support the company’s existing digital payments and credit services and to finance the upcoming launch of its neobank Kroo.
The Monetary Authority of Singapore (MAS) issued a notice in December 2023, instructing licensed payment service providers offering cross-border money transfer services to temporarily halt the use of non-bank and non-card channels when sending money to individuals in China. This decision was made in response to reports of frozen funds in recipients’ bank accounts in China. The notice will be in effect from January 1 to March 31, 2024, and the situation will be closely monitored.