SG Morning Highlights | Singapore Fintech Funding Dives 41% to 3-Year Low

Advancers / Decliners is 98 to 116, with 133.97 million securities worth S$151.67 million changing hands.

Singapore fintech funding sank to a three-year low in the first half of 2023 as rising interest rates and economic headwinds continued to dent investor sentiment, but experts believe a recovery is on the horizon.

Total deal value fell by 41 per cent to US$934 million across 84 deals in mergers and acquisitions, private equity and venture capital, from US$1.6 billion across 117 deals in H2 2022, KPMG said in its July 2023 Pulse of Fintech report.

The H1 2023 tally marks a three-year low for Singapore, and fintech funding "has yet to fully correct from the pandemic funding surge that began in H2 2019", the advisory firm said. Funding is still well above the US$344 million across 70 deals recorded in H1 2019.

Great Eastern is reportedly conducting a thorough examination of AmMetLife and seeking regulatory approval to finalize the deal. The transaction could value the Malaysian business anywhere between $250 million and $300 million.

Proceeds from the facility will be used for general corporate or working capital purposes, the refinancing of the group's existing debts and expenses, as well as stamp, registration and other taxes payable related to the facility.

The facility includes an accordion feature to increase the size of the facility to up to 250 million euros, said the manager on Tuesday (Aug 1).

The first contract is for the design and manufacturing of power distribution centres, as well as the integration of complex electrical and control systems and equipment in the US. The contract is slated for execution from 2024 to 2025.

The second relates to a multi-year maintenance contract for the Singapore government in the infrastructure sector. It will be carried out from the second half of 2023 to 2028.