In 2023, the United Overseas Bank (UOB) released a report titled FinTech in ASEAN 2023: Seeding the Green Transition (hereinafter referred to as “the Report”). According to the Report, funding in ASEAN has been declining since Q3 of 2022, and the funding amount in 2023 hit the lowest level in three years in the region, with start-ups making up a larger share. Meanwhile, Singapore and Indonesia combined accounted for 86% of fintech funding in ASEAN, continuing a similar trend from the previous year, while the Philippines saw its funding share decrease from 7% to 2%. The Report highlights that cryptocurrency companies struck the most deals but at smaller deal sizes. Significantly, insurtech companies doubled their proportion of deals versus last year. The Report notes that sustainability has become a priority for many countries. The transition to a low-carbon economy, paired with heightened regulatory requirements, has made way for green fintech companies to enter the equation. The main content of the Report is hereby compiled for reference.

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