Funding for fintech startups in Southeast Asia experienced a sharp decline of 74% in Q3 2023, plummeting to USD229m from USD887m the previous year, as per Tracxn's report. This marks the lowest funding quarter since 2020. The notable drop is attributed to an absence of late-stage funding rounds in Q3 2023 and broader economic factors including rising interest rates and reduced demand for manufactured goods. Cryptocurrencies remained the top-funded sector, despite a minor decline. In stark contrast, segments like insurance IT platforms and payments saw severe funding dips. Interestingly, while Indonesia's fintech startups faced a massive funding drop of 94%, Vietnam's startups saw an impressive rise of 190% in the same period.
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