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Tech acquisitions in Singapore at an all-time high in 2022

According to the DealStreetAsia DATA VANTAGE report, the number of foreign tech acquisitions made by Singaporean firms was up 166% in 2022.

According to the DealStreetAsia DATA VANTAGE report, the number of foreign tech acquisitions made by Singaporean firms was up 166% in 2022.

 

The report shows that Singapore-based firms were the top foreign acquirers of tech firms in 2022, even ahead of US companies that have historically dominated the foreign acquisitions market. Of the acquisitions, about 65.5% were Indonesian companies, mainly fintech and financial services sectors. 

 

When it comes to South East Asia, Singapore still reigns supreme as the financial and technology hub of the region, dominating tech M&A activities in the region in 2022, with that year alone experiencing a 40% year-on-year increase in deals up to 81. Singapore accounts for around 46% of the overall tech deals in the whole region.

 

But it’s not just tech that’s on the rise, according to Deal Street Asia, fintech in a hotbed for acquisitions in the area. “Fintech firms have also become active acquirers in the region scooping up traditional financial services to bag coveted licences, expand their range of services and buy a ready-made customer base. When combined, fintech-related acquisitions make up about a quarter of all tech M&A transactions in the region.” 


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