SINGAPORE (Nov 15): Two Singapore-based fintech companies – Silent8 and SoCash – have been named among the top 50 most promising fintech companies in the world.

Silent8 helps financial institutions and banks combat financial crime by using artificial intelligence, machine learning and various technologies in the area of cyber security to address money laundering and terrorist financing issues.

SoCash serves the banking industry, by addressing cash logistics issues. Through its mobile app, it transforms every shop into a scalable digital, cash distribution network to allow users to access cash, and utilises the shared economy to improve cash circulations.

The two startups were featured among the “Emerging 50” exciting new fintech firms that are at the forefront of innovative technologies and practices, as part of the fourth annual Fintech100 report released today by Fintech Innovators – a collaboration between fintech investment firm H2 Ventures and KPMG Fintech.

“Having two Singapore-based fintech companies in the Emerging 50 demonstrates Singapore’s rise as a significant fintech hub and complements our position as a financial hub,” says Chia Tek Yew, head of Financial-Services Advisory at KPMG in Singapore.

The Fintech100 report also includes the “Top 50” fintech firms around the globe, ranked based on innovation, capital raising activity, size and reach.

The top 50 companies have raised US$4.8 billion ($6.5 billion) in the last year alone, and over US$27 billion in aggregate capital over their lifetimes. Meanwhile, the fintech firms in the Emerging 50 have raised over US$600 million in the last year and just over US$1 billion in total, since founding.

A total of 30 companies in the Asia Pacific region, including Australia and New Zealand, made it into the Fintech100. Some 41 companies were from the UK and EMEA (Europe, the Middle East and Africa), while the remaining 29 were from North and South America.

China’s fintech firms dominate the Fintech100 list, taking the top three places and accounting for five of the top 10 firms.

“The top 10 are a strong reflection of the diversity of fintech innovation. There are fintechs with lending and payment platforms, insurtech, digital banking and companies applying big data to fintech,” says Ben Heap, founding partner at H2 Ventures.

“Superior data & analytics capability notably will be a requirement to be a great financial services firm in the future, be it a traditional bank or a game-changing fintech startup,” he adds.

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