By Nayela Deeba
Aug. 25, 2016
Fintech investments in Asia Pacific showed tremendous growth, particularly in China.
China has accumulated US$9.62 billion in Fintech investments as of 31 July 2016, according to Accenture's analysis of a CB Insights data.
Asia Pacific has overshadowed America and Europe in Fintech investments, which as of 31 July 2016 gathered US$4.58 billion and US$1.85 billion respectively.
However, data volumes remain higher in America and Europe, compared to China-with 192 deals in Asia, 509 in America and 230 in Europe.
Hong Kong and China have emerged as the biggest Fintech investors in Asia. In total, their ventures have attracted US$9 billion, according to Accenture.
Ant Financial Services Group - the financial-services affiliate of e-commerce giant Alibaba Group Holding that operates China's online-payments platform Alipay -closed a US$4.5 billion fundraising deal in April.
Meanwhile,e-commerce platform JD.com raised US$1 billion in funding for consumer finance. Both companies contributed largely to the growth of Fintech market.
According to the release, big firms in China are investing in smaller startups. Companies like Alibaba and Tencent, are venturing into micro-loan sites, electronic retailers and mobile marketplaces.
"China's established companies, rather than nascent startups, are at the forefront of the Fintech trend in the region," said Beat Monnerat, Senior Managing Director at Accenture.