Global fintech investment up 10 %

Global investment in financial technology venture firms grew 10 percent last year to $23.2 billion, consultancy firm Accenture said on Tuesday, fueled by huge investor appetite in China and Japan.
Fintech investment in China more than tripled to $10 billion from 55 deals last year, representing 90 percent of fintech ventures in the Asia-Pacific region.
Japan also saw a large spike with fintech ventures totaling $154 million from 14 deals in 2016, more than double the previous year’s $65 million, said Accenture, whose analysis was based on data from CB Insights.
Fintech ventures typically leverage technology, such as cloud data storage or smartphones, to provide cheap and easy-to-access services from loans and insurance to payment services and crowdfunding.
Investment in Chinese fintech ventures was buoyed by blockbuster deals such as a $4.5 billion fundraising round at Ant Financial Services Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd.
China’s second-largest e-commerce company JD.com Inc. also raised $1 billion for a consumer finance subsidiary, Accenture said.

Source: Arab News