Investments in Singapore fintech firms going strong

FINTECH (financial technology) firms in Singapore continued to attract investments in 2016, according to Accenture's analysis of data from CB Insights, a global venture-finance data and analytics firm.

These fintech firms attracted total investments of US$63 million last year, slightly lower than the nearly US$69 million in 2015 but considerably higher than the mere US$9 million in 2014. The continued interest in fintech in Singapore demonstrates the city-state's position as a financial hub for the region.

Consider how Singapore-based Marvelstone Tech, a fintech platform under private investment company Marvelstone Group, kickstarted the year in February, when it raised US$12.5 million in seed funding from angel investors. Marvelstone Tech provides financial products and solutions to South Korea-based small and medium enterprises.