According to a report by consultancy KPMG, total investment into India’s fintech sector fell by 50% to about $300 million in the first half of 2019 when compared to investment in the same period last year.
Last year, the sector alone accounted for deals worth over $1.8 billion and in 2017 it saw investment of $2.4 billion. The report, titled ‘The Pulse of Fintech’, also pointed out that this trend was not unique to India and that other countries in the Asia-Pacific region and beyond experienced the same.
Around $3.6 billion worth of funding was closed to fund fintech startups across Singapore, China, India and Australia in over a 100 deals in the first half, as compared to roughly $25 billion in 2018.
The report says that one of the reasons for slow down in the Asia Pacific region is the saturation of payments sector in China and tensions arising out the US-China trade war.