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Laxman Pai, Opalesque Asia: In H1'20, the biggest fintechs in Asia continued to gain ground, while smaller fintechs struggled for profitability and to attract new investments, according to a study.
In H1'20, VC investment in fintech accounted for $6.7 billion in the Asia Pacific (APAC), said KPMG International. APAC saw $8.1 billion in total fintech investment during H1'20.
Southeast Asia was the hottest region for fintech investment in H1'20, led by a $3 billion raise by Indonesia-based platform provider Gojek and a $886 million raise by its Singapore-based competitor Grab. Both platform providers are actively expanding their payment services in the region.
In January 2020, Grab acquired Robo-advisor Bento, while Gojek acquired offline payments and cloud point-of-sales (POS) company Moka in April 2020. India's Navi Technologies raised $398 million, said the report.
Fintech investment in ASPAC was quite diverse from a regional perspective this quarter. In addition to Indonesia, Singapore and India, Japan (Paidy: $251 million), South Korean (KSNET: $237 million), and Australia (Airwallex: $160 million, Judo Bank: $147 million) also saw large fintech deals. Fintech investment in China remained suppressed, falling to a multi-quarter low in Q2'20.
According to KPMG, government regulatory efforts were a very strong trend in APAC. During H2'20, Australia re-opened submissions to its Select Committee on Financial Technology and Regulatory Technology to unders...................... To view our full article Click here
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