Note from the Publisher: We wrote a piece a few days back – China Says China is #1 in Fintech – and we had a little fun with the headline, but the underlying messge is that WE ARE GETTING OUTSPENT IN FINTECH, America! Now comes word that Asia has spent $10.5B on fintech investments in 2016 thru Q3, compared to $6B in the US. That does include markets outside of China, but nevertheless, the underlying theme is that Asia is all over fintech right now, and putting their money where their mouth is. America, take note.
“Investment in Chinese financial technology companies (fintech) pushed total investment in Asia-Pacific to US$10.5 billion in the first three quarters of 2016, dwarfing a total US$6 billion of similar investments in the United States, according to Accenture.
Massive investments into fintech companies in Asia-Pacific, including a US$4.5 billion round of private equity financing by Alibaba Group Holding affiliate Ant Financial Services in April, catapulted the region well ahead of Europe, which attracted US$2 billion in the same period, Accenture analysis of CBI Insights data found……….
‘We are increasingly seeing a willingness from financial institutions in the region to work with fintech startups to help address new challenges ranging from how best to adopt blockchain technology to how to maximise IT efficiency,’ said Jon Allaway, senior managing director, Financial Services at Accenture.”