Crypto or Blockchain was the top area of fintech investment in Singapore in 2022 despite the global slowdown in the space, according to the KPMG Pulse of Fintech report for the second half of 2022.

In Singapore, crypto-related funding fell by 21% from $1.5 billion in 2021 to $1.2 billion in 2022. Globally, investments in the space fell from $30 billion in 2021 to $23.1 billion in 2022.

The Regtech space attracted a new high of $18.6 billion in investment — well above the previous record of $12.1 billion seen in 2021. The report said this growth is aimed at ensuring that such digital or crypto-related transactions are accurate, transparent, reliable and compliant.

For 2023, KPMG has predicted that it is "likely investments in crypto-focused firms will remain very slow" and a potential shift "in investment to jurisdictions with stronger regulatory frameworks for crypto activities."

One trend from 2022 is expected to grow in 2023 – the shift of investors from blockchain companies focused on the retail market to startups focused on providing solutions for the SME market.

(By Amitoj Singh)

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