Singapore leads SEA in fintech funding in 2024

Singapore is leading with fintech funding further strengthening its position as Southeast Asia’s leading fintech hub, according to a report by Traxcn. In 2024, it contributed $995 million in funding, significantly outrunning regional competitors, Jakarta and Bangkok, which raised $242 million and $198 million, respectively.

The city-state also dominated the region’s largest funding rounds, with three of the top five originating from Singapore. Major contributions included a $148 million Series D round by ANEXT Bank, a $100 million Series C round by Bolttech and a $60 million Series B round by Partior.

Beyond headline-grabbing funding rounds, Singapore demonstrated its strength in early-stage fintech investment. Hashkey Capital and Signum Capital ranked as two of the most active venture capital firms in seed funding, while UOB took the lead in early-stage funding activities.

According to Traxcn’s all-time statistics, Singapore-based fintech companies have raised $10.8 billion cumulatively, more than double Jakarta’s $4.7 billion. This highlights Singapore’s reputation as the region’s premier destination for fintech investment and innovation.

Singapore’s fintech ecosystem is backed by strategic government initiatives, such as the Monetary Authority of Singapore’s (MAS) FinTech Regulatory Sandbox. This program allows startups to test innovative solutions in a controlled environment, driving growth while maintaining financial stability.

The nation’s connectivity to underserved ASEAN markets also positions it as a platform for regional fintech expansion. Its focus on advancing financial inclusion, particularly in countries like Indonesia and Vietnam, aligns with broader goals of addressing economic disparities through technology.