Led by GIC,Insight Venture Management and Smash Capital $690m private equity deal with Coda Payments, Asia-Pacific’s financial services industry saw a drop of 22.79% in cross border deal activity during Q2 2022, when compared to the last four-quarter average, according to GlobalData’s deals database.

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A total of 72 cross border deals worth $4.2bn were announced for the region during Q2 2022, against the last four-quarter average of 93.25 deals.

Of all the deal types, venture financing saw most activity in Q2 2022 with 44 deals, representing a 61.1% share for the region.

In second place was M&A with 21 deals, followed by private equity deals with seven transactions, respectively capturing a 29.2% and 9.7% share of the overall cross border deal activity for the quarter.

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In terms of value of cross border deals, venture financing was the leading category in Asia-Pacific’s financial services industry with $1.81bn, while private equity and M&A deals totalled $1.68bn and $684.73m, respectively.

Asia-Pacific financial services industry cross border deals in Q2 2022: Top deals

The top five financial services cross border deals accounted for a 52.05% share of the overall value during Q2 2022.

The combined value of the top five cross border deals stood at $2.18bn, against the overall value of $4.2bn recorded for the quarter.

1) GIC,Insight Venture Management and Smash Capital $690m private equity deal with Coda Payments

2) The $597.6m private equity of IDFC AMC TrusteeLimited and IDFC Asset ManagementLimited by Bandhan Financial,Infinity Partners,Lathe Investment Pte and Tangerine Investments

3) ACA Investments Pte. $370m private equity deal with bitFlyer

4) The $300m venture financing of Xendit by Accel,Amasia,Coatue,EV Growth ,Goat Capital,Insight Partners,Intudo Ventures,Kleiner Perkins and Tiger Global Management

5) Kasikorn Vision $219.38m acquisition of 67.5% stake in PT Bank Maspion Indonesia