According to the FinTech in ASEAN report released by United Overseas Bank Limited (UOB), PwC and Singapore FinTech Association (SFA), venture capital funding in 2014 was only $35 million. Over the past five years, total FinTech investment has boomed, reaching $679 million in 2018, $1.14 billion in 2019. With Vietnam’s regional FinTech venture capital funding soaring from just 0.4% in 2018, to 36% in 2019.

Increase of capital funding in the region is mainly driven by the annual growth of digital payments industry. Singapore’s FinTech scene, which makes up 45% of SEA’s FinTech firms, remains well diverse across a broad range of industry led by insurance technology, payments and personal finance.

However, FinTech firms are still facing a few key challenges when expanding across the region, this includes finding and retaining talented employees. Chia Hock Lai, President of the Singapore FinTech Association (SFA) commented, “Fintech firms need to consider if there is suitable and abundant expertise at the location they have chosen to scale their business.”

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