Singaporean FinTech deals fall in H1

Top Story of the Week

How Resistant AI is leading the way in anomaly detection ?- Resistant AI , a Czech Republic-based company founded in 2019, employs machine learning techniques to safeguard financial services from fraud, manipulation and attack.

Read the full story?here.

Research highlight

Singaporean FinTech deal activity falls for the first time in past five years

?Key Singaporean FinTech investment stats in H1 2023:

? Singaporean FinTech companies raised a combined investment of $1034m in H1 2023, a 14% drop YoY

? Singaporean FinTech deal activity reached 84 deals in H1 2023, a 27% decrease from H1 2022

? Singaporean FinTech deal activity is expected to reach 168 deals in 2023

Singaporean FinTech deal activity is on track to reduce for the first time in the past five years. Based on deal activity in H1 2023, deal activity in 2023 is expected to reach 168 deals in total, a 28% drop from 2022. In H1 2023, FinTech companies based in Singapore secured a total investment of $1034m, indicating a 14% decline compared to the previous year. Singaporean FinTech deal activity reached 84 deals in H1 2023, a 27% decrease from H1 2022.

Kredivo Holdings, which provide a wide range of financial services including BNPL and loans, was the largest FinTech deal in Singapore during the first half of 2023 raising $270m in their latest Series D funding round, led by Mizuho Financial Group. The company says the new capital will be deployed to support its existing ecosystem of digital payments and credit service and to finance the upcoming launch of its neobank Kroo. Akshay Garg, CEO of Kredivo Holdings, says: “Despite challenging market conditions, investors continue to recognize the scale and strength of our business, and our innovation potential. The upcoming expansion into digital banking is deeply synergistic with the existing Kredivo product and also opens up a very promising channel for us to become the digital financial services platform of choice for tens of millions of consumers in Southeast Asia."

In response to the increasing relevance of ESG issues, the Monetary Authority of Singapore (MAS) launched its ESG Impact Hub on 5 October 2022, to foster co-location and collaboration between ESG fintech startups and solution providers, financial institutions and real economy stakeholders.?This Hub seeks to capitalise on the strong industry interest in Project Greenprint launched in 2020 and accelerate the growth of Singapore’s ESG ecosystem.?MAS has also introduced disclosure and reporting requirements for ESG funds.?As of 1 January 2023, the funds will now be required to disclose information on an ongoing basis, and investors will receive yearly updates on the progress of the ESG goals that the funds have specifically set.

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Weekly FinTech deal roundup

USA dominates this week’s 22 FinTech funding rounds

USA dominated this week’s FinTech funding rounds, with 15 of the 22 rounds coming from the country.?

Read the full story?here.

RegTech news

• FCA Consumer Duty Countdown: Are firms ready? ?–?The final deadline for compliance with the UK Financial Conduct Authority’s (FCA) new Consumer Duty is swiftly approaching in July 2023. The regulatory agency has been actively providing guidance, conducting multi-firm reviews, and sharing specific industry insights in the form of Dear CEO Letters to ensure that firms are adequately prepared for the implementation. Read the full story?here.
• Managing insider information: The crucial role of MAR in the digital age ?- The European Market Abuse Regulations (MAR) have been at the forefront of the financial regulatory landscape since July 2016. Despite its six-year presence, compliance with MAR regulations remains a consistent priority for regulators across Europe, including the UK. Regulatory enforcement continues to unveil that firms still grapple with adherence to rules governing the management of material nonpublic information (MNPI). Read the full story?here.
• Deciphering the fusion of AI and human expertise in Risk Management and KYC compliance ?- The ongoing AI revolution is indisputably transforming risk management and customer identification processes (KYC), even though human input remains pivotal to these functions.?Moody’s Analytics ?recently delved into how?AI will transform risk management and know your customer (KYC) compliance. Read the full story?here.

Don't Miss Out - Global RegTech Summit USA will be hosted on 28th September 2023!

Don’t miss the largest RegTech event where compliance leaders converge. Secure your place for our second edition in New York and shape the future of RegTech. Find out more?here .

InsurTech news

• The importance of external and internal vulnerability scanning in cyber underwriting ?- InsurTech company?KYND ?recently released a?report ?exploring whether external or internal vulnerability scanning is more useful to assess a company’s cyber posture. Read the full story?here.
• hyperexponential launches new insurance-focused podcast ?-?As the business environment evolves, the insurance sector grapples with a pertinent issue: talent. Maintaining a competitive edge, staying relevant, and demonstrating resilience are pivotal for survival, and people with the right skills are key to these endeavours. Read the full story?here.
• Jerry’s AI-powered revolution in car insurance accelerates with $110m raise ?- Jerry , a service known for its PriceProtect technology that helps car owners find optimal insurance rates and refinance loans, has doubled its offerings. Read the full story?here.

Don't Miss Out - Global InsurTech Summit USA will be hosted on 26th September 2023!

After five years of continued success and unprecedented demand from US insurers and InsurTech founders, we are bringing our flagship event to New York! Find out more?here .

WealthTech news

• Revolutionising mutual fund categorisation with machine learning ?- Investment companies employ a variety of techniques to recommend mutual funds to their customers. Read the full story?here.
• How biometric security and mobiles are shaping the future of card payments ?- As digital wallets and alternate payment systems steal the limelight,?Tietoevry ?head of sales Hans Sj?lund has?delved into the?potent partnership between mobile phones and payment cards . He stated that they promise greater speed, convenience, and security, transforming how we make payments. Read the full story?here.
• Combating Market Abuse: The Emerging Challenges and Solutions in the Age of Online Trading and Social Media ?–?Compliance within the financial services industry has taken a new turn as online trading and the emergence of ‘finfluencers’ on social media platforms have magnified the risks of market manipulation. The shift in the landscape demands greater attention to the prevention, detection, and mitigation of market abuse. Read the full story?here.

CyberTech news

• Pioneering Encrypted Data Analytics: Vaultree’s Integration with Tableau Transforms Fintech Security ?- It has been an important year for cybersecurity pioneer?Vaultree . The close of its Series A, the launch of a first-of-its-kind software development kit and the entrance into the healthcare sector. These are just some of the important milestones Vaultree has achieved within the past 12 months and the CyberTech is showing no signs of slowing down. Read the full story?here.
• KYND appoints renowned industry leader Andy Rear as board advisor? - KYND , a vanguard in next-generation cyber risk intelligence, has proudly announced the appointment of Andy Rear as an advisor. Read the full story?here.
• Endor Labs catches the investors eye with a hefty $70m funding raise - Endor Labs , a start-up focused on code and pipeline governance, has successfully raised $70m in an early-stage funding round. Read the full story?here.

ESG FinTech news

• Navigating the US ESG Landscape: A Guide to Sustainable Growth and Transparency ?-?Within the United States, the adoption of Environmental, Social and Governance (ESG) reporting has gained substantial momentum. ESG FinTech company?Position Green ?recently took a?deep dive into the current state of the space in the US. Read the full story?here.
• How the Americans with Disabilities Act continues to inspire change ?- The Americans with Disabilities Act (ADA), enacted on July 26, 1990, has been a groundbreaking piece of legislation promoting accessibility, equality, and inclusion for people with disabilities (PWD). With around 61 million individuals in the US living with a disability, the act recognises disability as the largest minority group, covering a wide range of physical or mental impairments. Read the full story?here.
• FinTech Global launches ESG FinTech Market Map as vital guide to the sector ?- Specialist research firm FinTech Global has launched an innovative?ESG FinTech Market Map , that will serve as a vital guide for financial institutions looking for solutions to solve their ESG needs. Read the full story?here.

Other FinTech news

• Emojis and Securities law: How a simple emoji triggered a legal battle ?- Emojis, while being a widespread form of modern expression, can potentially cause legal problems for firms. Read the full story?here.
• Navigating the complexities of AI adoption in the AML space - In a recent post by?Moody’s Analytics , the firm asked three key questions about driving efficiency with AI-powered screening.?Read the full story?here.
• Ready for ESG reporting season? Strategies for effective sustainability reporting ?-?As the season for sustainability reporting draws near, organisations are presented with a golden chance to underline their dedication to ESG (Environmental, Social, and Governance) practices. Read the full story?here.