Singapore’s Blockchain & Crypto startups capture most seed investments in H1
This is despite MAS moving to tighten retail investors’ access to crypto.
Blockchain and cryptocurrency startups hauled in the most seed investments in Singapore during the first six months of the year, making up 11 of the 31 transactions reported during the period, reports FinTech Global.
Interest in cryptocurrencies peaked in May 2022, with 4 deals being inked just that month.
According to Fintech Global, over 9 in 10 or 92% of Singaporeans now own crypto, which places them 18th in the world for percentage of the population that own cryptocurrencies.
This is despite Singapore tightening its cryptocurrency rules, such as curbing public marketing, for example. Local regulator the Monetary Authority of Singapore has taken note of the interest and has plans to consult on proposed steps in September or October 2022, Managing Director Ravi Menon revealed. The revised rules may include further tightening retail investors' access to crypto, he said.
Whilst blockchain & cryptocurrency startups may have captured the most investments, it’s buy now pay later integration platform Optty who received the single biggest seed deal during the period. Optty raised $9m “in stealth” in H1, according to FinTech Global.
Optty–available in over 59 countries and 36 currencies–brings together BNPL providers in its platform. Its 41 BNPL providers include Afterpay, Grab, Affirm, Klarna, Scalapay, and Zip.
By 2023, Optty targets to have 100 BNPL, digital wallets, and alternative payment brands in its platform.