But their deal value surged from $95m to $120m.
This chart from KPMG shows the number of fintech venture capital (VC) deals in Singapore plunged from 11 in 4Q2016 to merely five in 4Q2017.
However, deal value is significantly greater this year as it rose to over $120m from around $90m-$95m last year. This is also greater than Q3's total of around $25m.
The $100m merger and acquisition (M&A) of GoSwiff in Asia was the second largest fintech deal in Asia for the quarter. Meanwhile, the $13.5m Series B funding for Smartkarma Innovations was the 10th largest.
KPMG said well-established VC funds, large corporates, and even more established fintech companies have made investments or set up shop in the country as a base for expansion into Southeast Asia.
Heading into 2018, the MAS aims financial inclusion as a critical priority, with the desire to make micropayments and remittances more accessible and cheap.
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