Funding for digital payments Singapore 2018-Q3 2022, by deals and value

The funding value for digital payment companies reached a record high of almost 730 million U.S dollars in the third quarter of 2022 in Singapore, across eight deals. This is a significant increase compared to 2018, when seven deals were completed, with a funding value of 35.2 million U.S. dollars.

Digital payments

In 2022, digital payments represented the most funded fintech category in Singapore, followed by cryptocurrencies, with 196 million U.S. dollars raised. The development of digital payments is supported by a connected and innovative financial environment, driven by a national strategy from the Monetary Authority of Singapore (MAS). This is reflected in national programs such as PayNow, Fast And Secure Transfer (FAST), and the Singapore Quick Response Code (SGQR), which facilitate instant, cross-platform, and cross-border transfers. The transaction value of digital payments in Singapore in 2022 reached 17.37 billion U.S dollars. The sector is projected to grow and is estimated to reach a transaction value of 39.38 billion U.S. dollars in 2026.

Companies

This innovation-friendly environment has allowed the industry to grow with the success of various companies. The fintech scene is growing rapidly, and the payments sector will account for 17 percent of fintech companies in 2022. Among them, Grab is one of the major players in the sector, with Grabpay, the market leader in mobile wallets, expected to reach 9.8 million users by 2025. In addition, payments are also leading the startup scene, with two payments startups among Singapore's top fintech startups. Nium, the global payments platform, raised 264 million U.S. dollars in funding, while M-Daq, the cross-border payments specialist, raised 246 million U.S. dollars.