Financial technology in the Asia-Pacific surpassed the U.S. as investments in the area doubled to $11.2bn in 2016 from $5.2bn in 2015, a report from Accenture found.
Global investment in financial technology grew by 10 per cent to $23.2bn in 2016, largely driven by growth in China. North America raised $9.2bn in financing, while Europe attracted $2.4bn. The total was due mainly to a few megadeals in China and Hong Kong, which accounted for 43 per cent of total investment globally.
“For many years Silicon Valley, New York and London were the dominant centres of innovation and demand, but now fintech has spread like wildfire around the world, and Asia-Pacific has become the rising star,” said Richard Lumb, group chief executive of financial services at Accenture. Deals in China and Hong Kong dominated Asia’s growth, accounting for $10.2bn, or 91 per cent, of Asia-Pacific’s $11.2bn in fintech investments in 2016. The number of deals across the world also grew in 2016, from 1,500 to 1,800.