Fintech funding in Southeast Asia triples to record $3.5 bln this yr – report

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SINGAPORE, Nov 10 (Businesshala) – Financial technology (fintech) funding in Southeast Asia jumped more than threefold in the first nine months of this year compared to the full year 2020, reaching a record $3.5 billion, a report on Wednesday said. shown in the report.

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According to reports from United Overseas Bank (UOBH.SI), PwC Singapore and Singapore Fintech Association (SFA), the rebound was driven by 167 deals, which included 13 mega rounds, amounting to $2 billion of total funding.

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Mega rounds are those that raise $100 million or more.

Late-stage fintech firms, or their Series C funding and beyond, garnered the most interest this year with 10 out of 13 joining the mega round, as investors took more risk-taking during the pandemic by backing more established firms. took an unfavorable approach. The report said.

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The payments sector attracted the most money due to the increased use of digital payments. Tech and cryptocurrency firms saw the most growth this year, ranking second and third respectively.

Singapore, Southeast Asia’s financial hub, accounted for nearly half of the region’s deals worth $1.6 billion, which included six mega rounds worth a combined $972 million.

The next most active country was Indonesia, the most populous country in the region, with $904 million raised, followed by Vietnam with $375 million.

Reporting by Chen Lin; Editing by Martin Petty

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