Asia fintech deals near US$10b amid mega funding in China
Thursday, August 25, 2016
(SCMP by Bien Perez / Alice Woodhouse) – Massive deals in mainland China have lifted overall financial technology (fintech) investments in Asia-Pacific to a record US$9.623 billion in the past seven months, eclipsing the size of transactions in North America and Europe for the same period.
Total fintech investments in the region had skyrocketed on the back of the US$4.5 billion round of private equity financing by Alibaba Group Holding affiliate Ant Financial Services in April.
The fintech investment tally in North America and Europe over the seven-month period reached US$4.58 billion and US$1.85 billion, respectively, according to Accenture and CB Insights.
Melissa Guzy, a managing partner at Arbor Ventures, said there had been a “general pause by the venture industry” in the US and Europe in the past quarter.
“Asia is a different market that will continue to develop and leapfrog the rest of the world,” Guzy said.
