VENTURE funding in wealth management startups in Singapore surged in recent years as companies looked to address gaps in the market neglected by traditional wealth managers.

Driven by its financial hub status and growing high net worth population, Singapore recorded a jump in wealthtech investments to US$161 million in 2021 from US$23 million in 2017, according to a report by KPMG and digital wealth manager Endowus.

During this period, Singapore’s share of Asian wealthtech investments grew from 2 per cent to 7 per cent, according to the report, which analysed data from PitchBook. Asian wealthtech funding doubled to US$2.2 billion from US$1.1 billion.