Singapore Dominance, 10 Most Funded Southeast Asian Fintech Companies
Now, people who never understand how to do transaction with the bank are able to do transaction digitally just because it is in their phone. Because people are more willing to adopt mobile communication than just sign up a new bank account. The lack of access to bank services becoming the new opportunity to technology companies offering the fintech.
However, due to the requirements of adoption, financial technology rely heavily on internet infrastructure. Which means that not every country has the same opportunity to build the a financial technology system or even the regulation. That is why, most fintech companies are located or targeting markets which already have good internet infrastructure and have massive internet users. The evident seems quite clear when we read the list of most funded financial technology companies are coming from emerging and developed countries.
Tech In Asia had released the list of most funded fintech companies and companies which listed are mostly from Indonesia, Singapore and Malaysia. Thailand, The Philippine, and Vietnam companies are minority.
Interestingly, the list had major change of formation since early year. Fintechnews on May listed 15 companies that was well funded and the listed companies are blockchain and cryptocurrency companies. But currently, major fintechs are a kind of retail banking services. Which not only providing financial exchange but also giving loans, credits and remittances. Those are the exact things that bank have done in business for decades. The difference is its digital.
The sum up, this is the list of 10 most funded financial technology companies in Southeast Asia.
1. Akulaku, Indonesia -- US$ 145 million
2. TenX, Singapore -- US$ 81 million
3. MC Payment (Mobile Credit Payment), Singapore -- US$ 62.5 million
4. MOL (Money Online), Malaysia -- US$ 61 million
5. Kyber Network, Singapore -- US$ 52 million
6. Singlife (Singapore Life), Singapore -- US$ 50 million
7. Wanchain, Singapore -- US$ 36 million
8. Pundi X, Indonesia -- US$ 35 million
9. Republic Protocol, Singapore -- US$ 30.5 million
10. FinAccel (Kredivo), Indonesia -- US$ 30 million