ASEAN's financial technology sector experienced a significant decline in both funding and the number of deals in 2025, reaching its lowest levels since 2016. According to the FinTech in ASEAN 2025: Navigating the New Realities report, released by UOB, PwC Singapore, and the Singapore FinTech Association (SFA), total funding across the region fell by 36 percent to about US$835 million during the first nine months of the year. The number of deals dropped by 60 percent to just 53.
Despite this decrease, average deal size rose by 42 percent to US$21.4 million, suggesting that investors are concentrating their resources on mature firms with proven business models. Late-stage FinTech companies captured 67 percent of all funding, a notable increase from the previous year. The average investment per late-stage deal grew by 40 percent year-on-year to approximately US$112 million, largely due to three major transactions totaling nearly US$450 million.
Ms Janet Young, Managing Director and Group Head at UOB, stated: “As ASEAN’s FinTech sector recalibrates, innovators continue to show remarkable resilience. The rise in average deal size and strong performance of late-stage companies underscore investor confidence in the region’s long-term potential as a thriving digital economy. We believe that innovation is the key to driving sustainable growth and financial inclusion. Guided by our commitment to building the future of ASEAN, we will continue to foster collaboration, support the catalysing of new solutions and empower businesses to seize the opportunities in the digital future.”
Ms Wong Wanyi, FinTech Leader at PwC Singapore, said: “Over the past decade, the FinTech landscape in ASEAN has seen significant growth and innovation. Mobile payments and Artificial Intelligence-driven platforms have boosted financial inclusion. Collaboration among ASEAN countries has enhanced cross-border transactions and economic integration. Despite slower funding and lower valuations, investor confidence persists, fuelled by sophisticated FinTechs that have successfully adapted to market shifts, putting them ahead of the curve. Such resilience is often grounded in strong risk management, agile business models, comprehensive organic and inorganic expansion strategies, as well as effective stakeholder communication. Capital is expected to increasingly flow toward ventures with strong value propositions and execution excellence. If we continue in this trajectory, FinTech will keep ASEAN at the forefront of global innovation.”
Ms Holly Fang, President of SFA, commented: “Singapore’s position as the region’s leading FinTech hub reflects the strength of its collaborative ecosystem, where regulators, financial institutions, and innovators work together to drive meaningful change and sustainable growth. The sector’s focus on sustainable growth and profitability marks an important step in the maturation of the FinTech ecosystem, where firms are being tested on their ability to sustain innovation amid an increasingly volatile and uncertain environment. As the industry continues to mature, SFA remains committed to supporting FinTechs at every stage of growth, fostering innovation, and strengthening regional connectivity to advance Singapore’s FinTech ecosystem.”
Singapore maintained its status as ASEAN's main center for financial technology activity during this period. It attracted 87 percent of total regional funding—over US$725 million—which was a sharp increase compared with previous years’ shares (57 percent in 2024; 65 percent in 2023). More than half of all deals took place there; most were related to blockchain for financial services or investment technology.
Pre-series and early-stage investments accounted for almost four out of five deals made within Singapore itself—a sign that new entrants continue seeking opportunities despite broader caution among investors. Eight out of ten top-funded regional fintechs were based there during this period; five were mature companies.
Other large Southeast Asian markets saw reduced activity: Indonesia received only four percent of total funding (down from twenty percent) with just ten deals; it tied with Philippines for second place overall—the latter recorded five deals including Salmon (an alternative lending firm), which ranked sixth for funding among early-stage fintechs region-wide.
Malaysia, Thailand and Vietnam together represented less than ten percent of total funds raised through noticeably fewer deals.
The report was launched at Singapore FinTech Festival today; further details can be found at go.uob.com/fintech2025.