Photo by Austin Distel on Unsplash
Funding for SG-based WealthTechs jumps seven-fold in 5 years
Total WealthTech funding in 2021 reached US$161m.
Singapore has proven itself again as a prime location for WealthTech startups in 2021 as the market amassed total funding of US$161m, a seven-fold jump from 2017.
In 2017, the total WealthTech funding was US$23m.
According to KPMG's WealthTech report, Singapore has "drastically outpaced" Asia in terms of growth in funding between 2017 and 2021.
In the five years, Asia's WealthTech funding grew two-fold to US$2.2b from US1.1b.
Singapore has likewise taken a bigger slice in Asia's growing wealth funding pie, with its total share rising from 2% to 7%.
KPMG said Singapore was able to further propel itself as a key WealthTech hub globally due to the "government support for technology and innovation" and its "ecosystem of WealthTech players accelerating the pace of innovation."
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