Tide, which is headquartered in London, provides online current accounts. Tide’s banking services are provided by PrePay Solutions, who are regulated by the FCA through an emoney license.

Tide chief executive officer Oliver Prill told the media, “India was selected as our first market outside the UK due to its vast SME population, and the entrepreneurial spirit that is so prevalent in the country. As an aspiring global business financial platform operating in the largest SME market is a must.”

“As a company, we already know India well and we are confident that Tide can adapt to make business banking better for Indian SMEs. With investment and the expertise Tide already has in the country, we can help underserved SMEs thrive.”

It was reported last year that UK fintech funding has dropped by 39 percent in the first half of the year compared to the same period last year. Innovate Finance in its report said that the reduction at the seed level points to the fact that there is a lack of capital deployed to early-stage startups during the pandemic.

The post UK-based fintech Tide to expand into India appeared first on International Finance.

According to the report, fintech startups in Southeast Asia raised investment worth $1.14 billion during the first nine months of 2019 compared to $679 million during the same period in 2018.

Of the $1.14 billion raised, Singapore alone attracted 51 percent of the total fintech investment made in Southeast Asia which is around $733.8 million, a 70 percent rise when compared to the same period in 2018.

Janet Young, Head of Group Channels and Digitalisation at United Overseas Bank told the media, “Singapore’s favourable regulatory and business environment, strong investor interest, and maturing Fintech sector continue to make it an attractive base for firms that are looking to tap ASEAN’s growth potential.”

Fintech startups in Singapore are also being helped by the Singaporean government’s push to develop the island-state as Southeast Asia’s fintech hub. The Monetary Authority of Singapore (MAS) also announced its decision to roll out digital banking licences earlier this year. Recently, Singapore also hosted the world’s largest fintech festival.

In Vietnam, fintech startups have raised $410 million during the first nine months of the year. The investment raised is around 150 times higher compared to $2.72 million raised during the same period last year.

However, another report published by CB Insights revealed that investment in fintech in Asia could fall to the lowest in four years, despite an increase in venture-capital backing. Fintech startups throughout Asia raised around $4.1 billion during the first three quarters of 2019, whereas, around $22.9 billion was raised during the same period in the region.

Investment in the fintech sector globally amounted to $8.9 billion during the first three quarters of 2019.

The post Vietnam, Singapore receive 87% of fintech funding in SE Asia appeared first on International Finance.