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The funding value for digital payment companies reached about million U.S. dollars in 2024 in Singapore, across ** deals. This was a slight decrease compared to the previous year, when ** deals were completed, with a funding value of * million U.S. dollars.

Digital payments

In 2023, digital payments stood among the most funded fintech categories in Singapore, with cryptocurrencies, with *** million U.S. dollars raised. The development of digital payments is supported by a connected and innovative financial environment, driven by a national strategy from the Monetary Authority of Singapore (MAS). This is reflected in national programs such as PayNow, Fast And Secure Transfer (FAST), and the Singapore Quick Response Code (SGQR), which facilitate instant, cross-platform, and cross-border transfers. The transaction value of digital payments in Singapore in 2023 reached billion U.S dollars. The sector is projected to grow and is estimated to reach a transaction value of **** billion U.S. dollars in 2028.

Companies

This innovation-friendly environment has allowed the industry to grow with the success of various companies. The fintech scene is growing rapidly, and the payments sector accounted for ** percent of fintech companies in 2023. Among them, Grab is one of the major players in the sector, with Grabpay, the market leader in mobile wallets, expected to reach *** million users by 2025. In addition, payments are also leading the startup scene, with two payments startups among Singapore's top fintech startups. Nium, the global payments platform, raised *** million U.S. dollars in funding, while M-Daq, the cross-border payments specialist, raised *** million U.S. dollars.