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APAC Fintech Funding Declines to $5.1 Billion in H1 2023, Reflecting Global Challenges

AI/MLAPAC Fintech Funding Declines to $5.1 Billion in H1 2023, Reflecting Global Challenges

Fintech firms in the Asia Pacific received $5.1 billion in funding during the first half of 2023, down from $6.7 billion in the same period the previous year, as reported by KPMG. This decline reflects a challenging funding landscape in the region, compared to $36.1 billion in the Americas and $11.2 billion in Europe, the Middle East, and Africa (EMEA).

In terms of the number of funding deals, the APAC region completed 432, while the Americas recorded 1,011 and EMEA had 702.

KPMG’s report, “Pulse of Fintech H1’23,” compiled data on venture capital, private equity, and M&A deals in the first half of 2023 across various fintech segments. The largest deal in the APAC region was $1.5 billion raised by Chongqing Ant Consumer Finance, a unit of China’s Ant Group.

Despite the slowdown, the report highlights the enduring potential of the fintech sector in Hong Kong, mainland China, and Asia, particularly in harnessing artificial intelligence-generated content (AIGC) for innovations in insurtech, creditech, and wealthtech.

 

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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