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China’s Investment Outpaces North America and Europe in the Field of Financial Technology, Reports Accenture

Tuesday, September 6, 2016

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HONG KONG: Accenture, by analysing the CB Insights data, presents a report stating that China leads global fintech Investments. The growth driven by China, has made Asia-Pacific reach $9.62 billion in fintech financing already in first half of 2016 which is nearly the double of what was invested in 2015.  The total amount of money invested in 2015 on fintech was $4.26 billion. 

The report states fintech investment in Asia-Pacific has surpassed North America and Europe as North America spent only $4.58 billion before July 31, 2016, while Europe attracted $1.85 billion. But the deal volume of North America and Europe is much higher than that of Asia-Pacific. In Asia-Pacific, only few fintech companies in China make huge investments, which leads to the increase in overall fintech investment in Asia-Pacific. Study shows that the top 10 investments in Asia-Pacific fintech undertakings occurred in China and Hong Kong, which was the 90 percent of overall Asia-Pacific investments. There have been 192 deals in Asia-Pacific so far this year, as compared to 509 in North America and 230 in Europe.

Companies like Alibaba, Tencent and JD.com provide positive end-to-end customer experiences, including payments and lending to fintech companies. This has a major role to play in transforming China’s financial services industry, bringing in innovation from non-traditional competitors to the financial services industry.

“The fintech trend in China continues to skew toward online payments and lending, including peer-to-peer (P2P), which is creating market-share dilution for banks,” says Albert Chan, Managing Director, Financial Services China, Accenture. “China’s banks, whether building their own competitive platforms or not, should consider investing in collaborative fintech ventures in order to remain competitive.”

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