Illustrative image (Source: internet)

The figure means that Singapore is now the third largest hub for financial technology in the Asia-Pacific region, only after China and India.

As many as 48 investment deals were signed in Singapore in January-June, a year-on-year rise of 55 percent, according to the report.

Close to 28 percent of the total investment was poured into insurtech firms, it said.

Fintech companies that provide payment services account for 27 percent of the investment, while enterprises in the lending sector make up 25 percent, the report added./.