Singapore, Jakarta, Bangkok, Ho Chi Minh, and Hanoi lead SEA funding in 3Q23

The Lion City has emerged as the frontrunner among Southeast Asian cities in terms of FinTech funding, securing an impressive $161 million in the third quarter of 2023 (3Q23).

More from OMY: Singapore emerges as Asia’s top fintech hub, fourth Globally

Singapore’s achievement represents a significant milestone, accounting for a remarkable 70% share of the total FinTech funding in the Southeast Asian region during the same period.

In contrast to Singapore’s substantial lead, other Southeast Asian cities also contributed to the growth of FinTech in the region, although with more modest figures.

Jakarta secured $21 million in funding during 3Q23, while Bangkok followed closely with $17.8 million. Ho Chi Minh City recorded $17.1 million in funding, and Hanoi secured $12 million.

Despite their smaller shares in comparison to Singapore’s dominance, these cities made noteworthy contributions, accounting for 9%, 8%, 7%, and 5% of the total FinTech funding in Southeast Asia, respectively.

This data highlights Singapore’s pivotal role as the primary hub for FinTech innovation and investment in the Southeast Asian region, showcasing its resilience and prominence within the industry.

More from OMY: Singapore’s Fintech poised to contribute 3.6% to Southeast Asia’s GDP by 2027

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