Singapore’s wealthtech venture funding surge sevenfold in four years 

More rich people, digital tools are behind the rise

Wealthtech venture funding in Singapore hit US$161m in 2021, a seven-fold from 2017 when funding was just US$23m and 2021, according to data released by Endowus and KPMG.

Whilst this was slightly lower than in 2020, when wealthtech venture funding hit US$164m, the growth outpaced the rest of the world. Globally, wealthtech venture funding rose three-fold to US$8.8b from US$2.63b in 2017. In Asia, the funding doubled during the past four years, from US$1.1b in 2017 to US$2.2b in 2022.

In Singapore, wealthtech funding grew thanks to the proliferation of digital investing tools and digital advisory, KPMG and Endowus found.

The growing pool of high net worth individuals (HNWI) and ultra HNWIs also contributed to the rise in wealthtech funding and wealthtech firms offering more digital solutions. The number of HNWIs more than doubled from 2016 to 2021, rising 126%. For HNWIs, the rise was 158%.

“The inflow of wealth from other leading hubs in Asia was boosted by a robust ecosystem for innovation and fintech development attributed to strong government support and the established reputation of Singapore as a global financial hub,” the report added.