C H E Q U I N G O U T
C H E Q U I N G O U T
Another promising FinTech sector is quantum computing , which enables financial institutions to develop innovation solutions beyond boundaries of classic computers . It has the potential to revolutionise the FinTech sector in areas such as optimising investment strategies and enhancing security through advanced cryptography algorithms .
Singapore and Thailand lead ASEAN FinTech investments in 2024
Singapore snared the lion ’ s share of FinTech investments in ASEAN for the 10th consecutive year , securing more than half of the region ’ s total funding with US $ 745 million in 9M24 . Singapore also topped the number of deals at 62 across nine FinTech categories . The Lion City housed the most FinTech unicorns in ASEAN since 2015 , with six out of 16 unicorn firms . Notable FinTech unicorns include Advance Intelligence Group , the parent company of several AI financial service platforms including buy-now-pay-later platform Atome ; and NIUM , a cross-border payments firm that has expanded globally and continued to raise a series E funding this year .
Thailand to rose to second place , ahead of last year ’ s runner up Indonesia , with US $ 341 million or 24 per cent of ASEAN ’ s Fintech funding in 9M24 , backed by closing two mega deals . Singapore and Thailand accounted for
76 per cent of total FinTech funding and close to 68 per cent of funding deals in ASEAN in 9M24 , having clinched the only four mega deals in the region .
Two of the mega deals are seed- and earlystage investments of more than US $ 240 million , boosting young FinTechs to make up more than 60 per cent of total funding in ASEAN . This reflects investors ’ willingness to bet on budding innovation , and ASEAN is still seen as a fertile ground for new FinTechs to thrive with favorable long-term growth prospects , building the region ’ s growth in FinTech for the past decade .
For the full report , please visit go . uob . com / fintech2024 . � www . intelligentfin . tech
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