Singapore to lead 2026 IPO wave as profitable FinTechs exit interim funding

EY said Singapore financial services are poised for IPOs after $84b Asia M&A surge.

Singapore is expected to drive increased deal activity in 2026, particularly in insurance and wealth and asset management, according to Stuart Last, EY-Parthenon Partner, Financial Services, Ernst & Young Solutions LLP, adding that profitable regional FinTech platforms are likely to move toward IPOs in the medium term, with interim funding rounds anticipated in the coming years.

In 2025, Asia and Oceania’s financial services M&A activity saw a slight rise, with 360 publicly disclosed deals compared to 357 in 2024.

Total disclosed deal value increased to $84.03b (US$65.5b) in 2025 from $51.83b (US$40.4b) in 2024.

Within Southeast Asia, 58 deals were announced in 2025, up from 48 in 2024, though total disclosed value fell from $5.39b (US$4.2b) to $2.7b (US$2.1b).

Sector-specific activity across Asia and Oceania showed banking deals declined from 190 in 2024 to 185 in 2025, whilst total deal value rose to $57.86b (US$45.1b) from $40.8b (US$31.8b).

Insurance deals increased to 87 from 69 with deal value rising to $14.24b (US$11.1b) from $8.1b (US$6.3b). Wealth and asset management deals fell to 88 from 98 but saw total deal value jump to $11.93b (US$9.3b) from $2.95b (US$2.3b).

Global M&A trends saw 2,236 financial services deals in 2025, up slightly from 2,219 in 2024, whilst total deal value increased 49% to $537.42b (US$418.9b), driven by 93 deals exceeding $1.28 (US$1b), according to Omar Ali, EY Global Financial Services Leader.

He said that growth, scaling, and innovation remain top priorities for firms globally, with premium valuations driving investment in high-quality assets.

Sumit Narayanan, EY Asean Financial Services Leader, noted that whilst Southeast Asia’s deal volume rose, high funding costs, valuation gaps, and regulatory scrutiny have shifted focus toward smaller, strategic acquisitions, particularly in digital services, payments, and wealth management.

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