MARKETS & INVESTING | Staff Reporter, Singapore

Singapore FinTech Festival raises $2.71b in final day

59% of investors were from Singapore.

The second Singapore FinTech Festival raised up to $2.71b (US$2b) for startups in its final day, or the Investor Summit, the Monetary Authority of Singapore (MAS) said.

According to a press release, 59% of the investors came from Singapore, 9% came from China, and 6% came from Indonesia.

About 36% of startups came from Singapore, followed by 17% from India, and 8% from the US.

Data analytics got the most interest as 70% cited it as a key interest area, followed by blockchain at 65%, lending applications at 64%, payment solutions at 61%, and regulatory technology at 56%.

Each fintech start-up typically offered more than one solution or product focus, with 80% requiring funding of less than $6.78m (US$5m).

Over 1,000 fintech startups and 400 investors participated and 525 connections were made amongst the parties.

The summit concluded a four-month programme for fintech startups that are looking to bag funding from local and global investors.

The second Singapore FinTech Festival saw more than 30,000 participants from over 100 countries.

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