The report, which was released on Aug 1, cites that a “cloud of uncertainty permeating the global market continues to wear on investors”, as global macroeconomic concerns such as high inflation and rising interest rates, geopolitical tensions and tech sector challenges persists.
Funding in Singapore fintechs for the first half of 2023 is at a three-year low at US$934 million ($1.2 billion), falling 41% from the US$1.6 billion in the second half of 2022,G according to KPMG’s Pulse of Fintech report.
This trend follows the drop in global funding in fintech by 17% to US$52.4 billion across 2,153 deals, from US$63.2 billion across 2,885 deals in the same period a year ago.
