Singapore's AI Fintech Sees Surge in Funding Despite Global Drop

Funding for AI fintech in Singapore increased in H2 2023 despite a global drop. The city-state saw a 77% increase in funding for the subsector to over US$333 million, while global funding fell. Singaporean AI fintech companies saw a total of 24 funding deals.

KPMG contends that the global decline in AI fintech funding does not reflect dwindling interest in AI, as many businesses have enhanced their AI capabilities through partnerships.

Despite the overall decrease in Singapore's fintech industry, investor interest in cryptocurrency remained high, with the sector receiving the biggest number of deals.

Singapore introduced further safeguards for consumer assets in digital payment tokens, and granted authorization to distribute stablecoins to Paxos and StraitsX.