SINGAPORE (Reuters – The total amount of financial technology (fintech), funding for Southeast Asia increased more than threefold in the first nine month of 2019 compared to full-year 2020. This was according to a Wednesday report. It reached a record $3.5 Billion.

According to United Overseas Bank’s (OTC), PwC Singapore (SFA) and Singapore FinTech Association (SFA), 167 deals (including 13 mega rounds) drove the recovery.

Mega rounds include those that raise more than $100 million.

According to the report, fintech firms in late stage, such as those that have received series C financing or higher, attracted the greatest interest. Participants in 10 mega rounds were also involved, with investors taking a riskier approach in the face of the pandemic.

Due to the increased use of digital payment, funding was attracted more heavily to the payments sector. The highest growth in tech and cryptocurrency companies this year was recorded, with the latter ranking second and three respectively.

Singapore was Southeast Asia’s financial capital and accounted for almost half the area’s $1.6billion in deals, with six mega rounds of $972m.

With $904 million in raised funds, Indonesia was next, and Vietnam followed at $375 millions.