Asia is continuing to demonstrate its commitment to FinTech and is helping to fuel global investment in the sector, according to a report from Accenture.
In 2016, the amount of venture capital funding increased 10 percent to $23.2 billion, which was largely assisted by investments in China and Japan, reports Fortune. Over the last year, China’s FinTech investment is reported to have more than tripled to $10 billion from 55 deals.
Japan has also been flexing its FinTech muscles. Over the last twelve months, FinTech investment increased to $154 million from 14 deals. This is compared to the $65 million from the previous year.
China’s Increase in FinTech
FinTech has been buoyed in Asia due in part to major investments. One in particular was China’s Ant Financial Services Group, which raised $4.5 billion during a fundraising round.
Hong Kong-based industry investment firm, Credit China Fintech Holdings Ltd. also announced that it was entering a $30 million agreement with bitcoin and blockchain industry giant BitFury. It’s thought that this agreement will boost investment in BitFury shares
Read more ... source: CryptoCoinsNews
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