ASEAN’s Financial Technology (FinTech) sector is navigating a challenging landscape in 2025, with funding hitting its lowest since 2016. Despite this, mature FinTechs are securing larger deals, according to the “FinTech in ASEAN 2025: Navigating the New Realities” report by UOB, PwC Singapore, and the Singapore FinTech Association. The report highlights a 36% drop in total funding to approximately $835m and a 60% decrease in the number of deals to 53 in the first nine months of 2025 compared to the previous year.
Singapore remains the region’s FinTech powerhouse, attracting 87% of total funding, amounting to over $725m. This is a significant increase from 57% in the same period last year. The city-state accounted for more than half of ASEAN’s 53 deals, primarily in blockchain and investment technology. Janet Young from UOB noted, “The rise in average deal size and strong performance of late-stage companies underscore investor confidence in the region’s long-term potential.”
The report also reveals a shift in investor focus towards late-stage FinTechs, which captured 67% of ASEAN’s total funding, a 24 percentage point increase year-on-year. The average funding per late-stage deal rose by 40% to around $112m, driven by three mega deals totalling nearly $450m. Wong Wanyi of PwC Singapore stated, “Despite slower funding and lower valuations, investor confidence persists, fuelled by sophisticated FinTechs that have successfully adapted to market shifts.”
Outside Singapore, other ASEAN markets faced tougher conditions. Indonesia’s funding share fell from 20% to 4%, whilst the Philippines tied with Indonesia for second place with five deals. Malaysia, Thailand, and Vietnam collectively accounted for less than 10% of total funding. Despite these challenges, the sector’s focus on operational excellence and sustainable growth is seen as a foundation for a more mature ecosystem.
