Digital assets segment grew 22% in H1 2024 vs H2 2023; payments investment declined 78% over the same period.

Singapore fintech firms raised approximately S$5.2 billion in venture capital funding from 2022 to 2024, with payments and cryptocurrency segments leading total investment over the three-year period. In H1 2024 alone, seven fintech segments tracked by KPMG accounted for US$433.4 million across deal activity. The headline figure masks a sharp divergence, however: the crypto and blockchain segment posted a 22% funding increase between H2 2023 and H1 2024, while payments investment cratered by 78% over the same half-year comparison, reflecting shifting investor appetite and maturing sub-sector dynamics.

Overview of Total Funding 2022–2024

From 2022 through 2024, Singapore-based fintech companies attracted approximately S$5.2 billion in venture capital, with payments and crypto firms absorbing the largest share of capital. Deal activity in H1 2024 alone reached US$433.4 million across seven reported segments, according to KPMG's Singapore Fintech Deal Activity report released in August 2024. Although the aggregate three-year figure signals sustained investor interest, the composition of that funding has shifted noticeably: crypto and blockchain deals, which dominated the H1 2023 peak of US$460.5 million, saw a sharp correction in H2 2023 before regaining traction in the first half of 2024. Payments, meanwhile, experienced a volatile trajectory, rising from US$43.49 million in H1 2023 to US$142.65 million in H2 2023 before plunging in H1 2024.

Source: Orionmano Industries

Digital Assets Segment Growth

The cryptocurrency and blockchain segment recorded US$211.90 million across 72 deals in H1 2024, up from US$166.30 million over 38 deals in H2 2023. This represents a 22% increase in total deal value and a 90% increase in deal count period-over-period. The recovery follows a dramatic correction from H1 2023, when crypto deals peaked at US$460.5 million across 50 transactions. The resurgence in deal count—nearly doubling from 38 to 72—suggests that investor interest is broadening beyond a handful of large rounds into earlier-stage or smaller-scale opportunities.

Regulatory scrutiny remains elevated for digital assets, but Singapore's ecosystem continues to attract capital. KPMG highlights that Singapore has been focused on developing and enhancing robust risk management frameworks for digital asset tokenisation, and in 2024 an industry initiative was announced to scale asset tokenisation within financial services. These framework-building efforts appear to be providing the regulatory clarity that institutional investors require before committing capital at scale.

Funding (USD millions) (USD M)Source: Orionmano Industries

Payments Segment Dynamics and Key Deals

The payments segment in Singapore secured US$80.20 million across 10 deals in H1 2024, a 78% decline from US$142.65 million across 14 deals in H2 2023. Despite this sharp pullback, the payments sector remained the second-largest fintech category by funding in Singapore during H1 2024, and globally it led all fintech investment, drawing US$21.4 billion in the same period.

The largest payments deal in the ASPAC region in H1 2024 was Singapore-based B2B payments platform Nium's US$50 million venture capital raise. Other notable Singapore-headquartered payments firms that secured significant rounds in the broader 2022–2024 period include: YouTrip, which raised US$50 million in October 2023 to expand its multi-currency wallet business; Aspire, which closed a US$100 million Series C in February 2023 for its SME financial operating system; and FOMO Pay, which raised S$13.5 million from Jump Crypto in 2022 for its cross-border digital payment solutions. Nium has raised a total of US$264 million across all rounds, according to public disclosures.

Regulatory Framework and Government Support

Singapore's proactive policy environment continues to underpin fintech VC activity, providing both financial incentives and regulatory infrastructure that reduce friction for investors and founders. The Financial Sector Technology and Innovation (FSTI) 3.0 scheme, launched in 2023, provides up to S$150 million over three years to support projects incorporating cutting-edge technologies. Within this framework, special funding tracks offer 50% support for ESG-related projects and 30% funding for AI adoption initiatives.

Early-stage fintechs can access tax exemptions on the first S$100,000 of income, with only 50% tax applied to the next S$200,000. These incentives, combined with the Monetary Authority of Singapore's regulatory sandbox framework—which allows fintech firms to test products in a controlled environment with relaxed licensing requirements—have made Singapore a regional hub for fintech incorporation and fundraising. The government's continued focus on developing robust risk management frameworks for digital asset tokenisation, including the recent industry initiative to scale tokenisation within financial services, signals an intent to maintain the city-state's competitive edge.

Looking ahead, Singapore's regulatory sandboxes, FSTI 3.0 funding, and asset tokenisation initiatives are likely to sustain fintech VC momentum, especially as crypto and AI-driven segments mature and institutional investors seek regulated, infrastructure-rich markets for digital finance deployment.