Funding for financial technology (fintech) startups in ASEAN more than tripled to hit a record of 3.5 billion USD in the first nine months of 2021, according to a report.
Singapore (VNA)- Funding for financialtechnology (fintech) startups in ASEAN more than tripled to hit a record of 3.5billion USD in the first nine months of 2021, according to a report.
The report, titled FinTech in ASEAN 2021, was releasedon November 10 by the Singapore-based United Overseas Bank (UOB), PwC Singapore,and the Singapore Fintech Association (SFA).
It showed that 167 deals,including 13 mega-rounds or funding rounds of over 100 million USD, accountedfor 2 billion USD or 57.1 percent of total funding.
Thepayment sector saw the highest amount of funding as digital payment adoptionspiked in the region, with investors placing more confidence in the segment.The sector saw a 244 percent compound annual growth rate (CAGR) to 1.9 billionUSD in 2021, from 562 million USD in 2020.
Interms of spikes in 2021 CAGR, investment tech led the way, recording a 493 percentsurge to 457 million USD, from 77 million USD in 2020. Cryptocurrencies comesecond at 424 percent to 356 million USD, from 68 million USD last year.
Singaporecontinues to take the lead in ASEAN in this regard, securing 1.6 billion USD, or49 percent of the 167 deals. It is followed by Indonesia with 904million USD funding secured, and Vietnam with 375 million USD of fundingsecured./.
Vietnamese Minister of National Defence General Phan Van Giang highlighted the role played by the ASEAN Defence Ministers' Meeting (ADMM) over the last 15 years in strengthening trust and building common awareness on regional security issues, including the East Sea issue, through creating a framework for defence ministerial-level dialogue and consultation in the region.
Vietnamese Minister of National Defence General Phan Van Giang spoke highly of cooperation commitments of the Republic of Korea (RoK) to the Association of Southeast Asian Nations (ASEAN) at the ASEAN-RoK Defence Ministers’ Informal Meeting held virtually on November 10.
With the role of the co-chair of the ADMM-Plus Experts' Working Group on Military Medicine with Brunei, Australia and ASEAN will have many practical activities to overcome the COVID-19 pandemic together, said a Vietnamese official while attending the informal ASEAN-Australia Defence Ministers’ Meeting on November 10.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Source: VNA) 
