Six Singapore-based fintechs – Grab, Funding Societies, InstaReM, KyberNetwork, Ten X and Singapore Life – make it to KPMG’s 2018 Fintech100 list for the first time.
Grab, the popular ride-hailing platform that evolved to become an offline to online mobile platform targeting consumers; Funding Societies, an online financial inclusion platform that connects investors with small businesses which need funding; InstaReM, a cross-border remittance platform for individuals and businesses; KyberNetwork, an on-chain liquidity protocol that allows the exchange and conversion of digital assets; Ten X, a blockchain pioneer that makes multiple virtual currencies instantly spendable; and Singapore Life, an independent life insurance company which uses digital robo-writing and identity verification capabilities to expedite application and approval processes.
“I am delighted that 6 Singapore companies ranging from blockchain and insurtech to payment and lending platforms have made it to the 2018 Fintech100 list. Most notable is Grab which made it to the top 10 list. Each of the companies are harnessing data and technology to lead the way in fintech innovation and financial inclusion. Their entry into the Fintech100 list reflect Singapore’s importance as a global fintech hub where promising fintech companies are able to employ talent and secure capital and government support to grow and scale their business,” Leong Kok Keong, Head of Financial Services, KPMG in Singapore said.
According to KPMG’s 2018 Fintech100 report, which ranked the world’s leading 50 fintech firms based on innovation, capital raising activity and reach, decacorn Grab ranked third. Grab’s Series H funding round rose to above $4.07b (US$3b) in January 2019 thanks to an additional investment made by financial services firm Tokyo Century.
Overall, Singapore placed strongly with six fintechs included in KPMG’s list such as online platform Funding Societies, cross-border money remittance service InstaREM and insurance firm Singapore Life.
The report revealed how the Monetary Authority of Singapore (MAS) has been highly supportive of these efforts, supporting use cases in a number of areas from cross border payments and trade finance to using blockchain for smart contracts and KYC onboarding.