This upward trend for AI fintech investments in Singapore is in contrast to the global slowdown, which saw funding “plunge” from US$28.1 billion in 2022 to just US$12.1 billion in 2023, KPMG notes. It adds that this decline in investments does not reflect a dwindling interest in AI.
Despite a global downturn in fintech investments, funding for artificial intelligence (AI) in Singapore's fintech sector surged in the second half last year to grow by 77% h-o-h to a total of US$333.13 million ($448.49 million) worth of deals taking place, in comparison to the US$148.08 million recorded in 1H2023.
This brings full year investment in this field to US$481.21 million across 24 deals, according to KPMG’s Pulse of Fintech report on Feb 6.
