Singapore: InsurTech investments exceed $70m in 2018
Source: Asia Insurance Review | Apr 2019
InsurTech companies took $73m or 20% of total FinTech investments in Singapore last year, according to Accenture’s analysis of CB Insights data.
The data showed that FinTech investments in Singapore more than doubled to $365m in 2018 from $180m in 2017, putting the country amongst the top five FinTech markets by funds raised last year in Asia Pacific, behind China, India, Australia and Japan,
Among InsurTech deals were the $52m which digital insurer Singapore Life raised in December.
Accenture managing director and ASEAN Financial Services practice lead Divyesh Vithlani said, “The size of the market and the value of deals still have a lot to catch up to regional giants such as China and India, but Singapore is already the third busiest FinTech market in the region and this level of activity bodes well for the future expansion of new technologies in many of the different areas of finance.” A