Singapore nabbed Asia's fintech crown from Hong Kong in 2017

Total fintech funding hit US$983.6m in 2017 versus Hong Kong's US$596.8m.

Singapore has overthrown Hong Kong as Asia's top fintech hub after total fintech funding in the Lion City was 1.6 times higher than in Hong Kong in 2016 and 2017, according to a report from FinTech Global.

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The Lion City broke Hong Kong's two-year dominance in 2014 and 2015 after recording fintech funding worth US$983.6m in 2017 versus Hong Kong's US$596.8m.

In 2016, funding for Singapore's fintech firms hit US$310.5m versus Hong Kong's US$191.2m.

Also read: Asian fintech funding skyrocketed to US$16.8b in H1

And Singapore is well-placed to maintain its lead for the year ahead after fintech funding from 34 deals in the first half of the year has ballooned to over 10 times that of Hong Kong (US$838.1m versus US$70.8m).

"Singapore takes a simpler regulatory approach to FinTech than Hong Kong which has a multi-layered regulatory structure. As a result, Singapore may be more attractive to FinTech companies trying to avoid the red tape associated with multiple regulators," Fintech Global said in its report.