KPMG: Despite the global economic slowdown, cryptocurrency is still the primary area of financial technology investment in Singapore in 2022
It is reported that according to KPMG’s Financial Technology Pulse Report in the second half of 2022, although cryptocurrency or blockchain is the primary area of Singapore’s financial technology investment in 2022, this area is slowing down globally. In Singapore, the funds related to cryptocurrencies decreased by 21% from US $1.5 billion in 2021 to US $1.2 billion in 2022. Globally, investment in this field has dropped from US $30 billion in 2021 to US $23.1 billion in 2022. KPMG predicts that by 2023, the investment in companies focusing on cryptocurrency may remain very slow, and the investment may shift to jurisdictions with a stronger regulatory framework for cryptocurrency activities.
Interpretation of this information:
The Financial Technology Pulse Report from KPMG has revealed that cryptocurrency and blockchain remain the primary areas of investment in Singapore’s financial technology sector for the second half of 2022. However, the global trend shows a slowdown in this area of investment. In Singapore, funds related to cryptocurrencies decreased by 21%, from US $1.5 billion in 2021 to US $1.2 billion in 2022. Investment in this field has also dropped globally, from US $30 billion in 2021 to US $23.1 billion in 2022.
KPMG predicts that investment in cryptocurrency-based companies may remain slow, and that investment may shift to jurisdictions with a stronger regulatory framework for cryptocurrency activities by 2023. This is because many countries, including Singapore, are still trying to figure out how to regulate cryptocurrency and blockchain technology. Governments are concerned about security issues and their impact on financial stability, which has led investors to be cautious about investing in such companies.
Singapore has been at the forefront of financial technology investment and development in the region, but it is not immune to the changing global landscape. The emergence of new competitors and the changing preferences of investors have led to a drop in investment in cryptocurrencies in the country. However, KPMG’s report highlights that Singapore’s financial technology sector is still growing, and investment in other areas, such as insurtech and wealthtech, are on the rise.
In conclusion, KPMG’s Financial Technology Pulse Report highlights a slowdown in investment in cryptocurrency and blockchain in Singapore and globally. The report predicts that investment in such areas may remain slow and shift to jurisdictions with stronger regulatory frameworks by 2023. The three keywords that summarize the report are cryptocurrency, investment, and regulatory framework.
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