Home Markets SE Asian fintech fundraising surges after lockdown shopping spree

SE Asian fintech fundraising surges after lockdown shopping spree

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Investors have pumped record amounts into south-east Asian financial technology companies this year, as locked-down consumers have switched to mobile payment and banking apps.

According to data from analytics group Refinitiv, there have been 80 fintech deals worth $3bn in 2021 — more than what was raised in 2020 and 2019 combined.

“The fintech space has taken off this year, and not only fundraising,” said Rohit Sipahimalani, chief investment strategist at Temasek, the Singapore state-backed company. “Many more businesses are maturing and gaining momentum.”

Mynt, the Philippine e-wallet company backed by China’s Ant Group and Global Telecom, a unit of local conglomerate Ayala, closed a $300m funding round this month at a valuation of more than $2bn. 

Singapore’s FinAccel, the parent group of Indonesian buy-now-pay-later platform Kredivo, is set to go public in the US early next year after agreeing to merge with a blank-cheque vehicle…

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