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Hello reader,
The older I get, the easier it is to see silver linings among the clouds.
I think this largely comes from my obsession with various sports teams. Nothing teaches you to find the good in a bad situation like living and dying by something as random and out of your control as semi-professional Irish football.
Similarly, playing all kinds of sports has shown me that just focusing on the end result isn’t a happy way to live. You may have lost on the scoreboard, but you should still savor that sweet layup or that tough rebound you made.
If the final score was all you cared about, the state of funding in Southeast Asia’s fintech sector would have you feeling pretty low. However, there are bright spots to be found, as today’s featured premium story explores.
Today we look at:
- Why insurtech is the silver lining in a cloudy fintech sector
- The Hong Kong ecommerce player targeting Southeast Asia
- Other newsy highlights such as East Ventures’ respiratory health bet and a US$50 million stock buyback.
Premium summary
Fintech fog
Image credit: Timmy Loen
Deal volumes and value are down year on year in Southeast Asia’s fintech sector, which is not a surprise given the gloomy macroeconomic environment.
However, there is a cause for hope.
- Nosedive: Saying deal value is simply “down” might be underplaying the extent of the decline a tad. Funds raised by Southeast Asian fintech startups in the first half of this year slumped by more than 80% compared to the same period in 2022.
- Center of attention: Investors are getting their checkbooks out for certain sectors, namely insurtech and digital banking. Singapore-based Bolttech’s US$196 million raise and Thailand’s Roojai scoring US$42 million were just two highlights in insurtech.
- Cashing in: The tough macroeconomic environment has been something of a boon for certain segments of fintech, particularly earned-wage access firms and investing services companies. The two sectors are well-placed to take advantage of an uncertain economic climate, both on the consumer and investor end.
Read more: SEA fintech sector hits funding slump in H1 23, but insurtech holds up
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