FinTech start-ups in Asia gained a record $5.4 billion in venture-capital funding last year as compared to $4.8 billion in 2015, as recent financial t
FinTech start-ups in Asia gained a record $5.4 billion in venture-capital funding last year as compared to $4.8 billion in 2015, as recent financial technology survey shows.
Venture capital research firm CBInsights conducted research revealing that Asia accounted for nearly 20 percent in the number of FinTech investments worldwide, as cryptocoinnews.com noted.
The increase of volume and value of investments may be attributed to major Chinese companies that have turned its attention towards the FinTech sector.
“In fact, the explosive growth in Asia accounts for only a few China’s giants, take them away and there is no growth in Asia. It is impossible to build fintech in a single country (unless you are the USA, China or India), as all entrepreneurs may live any place, they move around easily and intend to build international businesses, rather than local ones. Expansion to Asia, Africa and Middle East is curbed by the fact that they have no BaaS platforms and banks have no open APIs.”, explained page 18 of the report called Money of the Future, conducted by venture capital Life SREDA.
A FinTech 100 list from auditory firm KPMG showed that Chinese companies made four of the top five in the global list. Some of these companies are Ant Financial, Quidan, Lufax and ZhongAn, as cryptocoinnews.com wrote. In 2016 VC-backed FinTech unicorn start-ups valued at $1 billion or more, on a global scale, were from mainland China.
Last month a 10 billion yuan (approximately $1.44 billion) fund was launched in Beijing, China to back up innovation in the FinTech sector.
At the end of January 2017, credit China Fintech Holdings Ltd., a Hong kong-based industry investment company, closed a $30 million deal with blockchain company BitFury.