China Will Lead FinTech & Blockchain Industries in 2017 Analysts Expect
Analysts from major research and development firms, including EY and DBS, expect China to lead the global fintech and Blockchain industries. Various consortiums and organizations have already been formed to support the development and growth of Blockchain and fintech startups. Earlier this month, Cointelegraph reported the intensity of the Chinese fintech industry’s growth over the past few years. Hundreds of mlns of consumers have abandoned traditional banking systems for better and more efficient alternatives. Several Chinese fintech companies, including Alibaba’s Ant Financial, amassed....
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Leading Blockchain infrastructure provider and Bitcoin mining firm BitFury secured a $30 mln investment from a Hong Kong-based fintech company Credit China Fintech to launch a joint Bitcoin venture in China. The investment will be allocated in the expansion of BitFury’s operations and in the funding of the joint project revolving around the commercialization of Blockchain technology and sale of BitFury’s Bitcoin mining equipment to local miners and companies. Phang Yew Kiat, Vice-Chairman and CEO of Credit China Fintech stated: “Blockchain is a fast emerging technology allowing effectively....
A report issued by EY and DBS shows how China is en route to become the number one financial technology destination. These are quite exciting times for China, even though not all of the news is positive. One silver lining is how the country will focus more on fintech than ever before. A consortium of state-owned and private enterprises launched a US$1.44bn investment fund. All of this money will be used for acquisitions and mergers in 2017 and beyond. Under the Asia Fintech Merger And Acquisition Fund of Funds, China plans to put a strong focus on financial technology. The fund is led by....
A new two-part deal valued at $30m will see BitFury expand its footprint in China. The full-service blockchain technology company has announced a deal with Credit China Fintech, a firm that provides consumer-facing financial products, according to FT. The $30m deal has two components: an investment in BitFury directly and plans to establish a joint venture in China. In statements, Credit China Fintech said that it would seek to adopt the technology for its services, looking at applications of both the bitcoin blockchain and private ledgers. Phang Yew Kiat, Vice-Chairman and CEO of Credit....
According to the 2016 Top Markets Report of Financial Technology produced by the U.S. International Trade Administration (ITA), Bitcoin is one of the top focuses of China’s FinTech market. The ITA is a bureau within the U.S. Department of Commerce, and this report is a market assessment tool for U.S. exporters. Why the ITA Pays Attention to China. The....
Earlier this year, Prime Minister David Cameron expressed his desire to make UK the world leader in the fintech sector by 2020. Chancellor George Osborne has also said that he wishes to makeUK the global fintech capital. However, as the year comes to a close, their plans are being dented by the Bitcoin hotbed that is China, which has surprisingly bagged 7 spots in the top 50 fintech companies list published by Fintech Innovators. Two of these companies, ZhongAn (#1) and Qufenqi (#4), feature in the top 5. ZhongAn is an online insurance company which has the backing of Jack Ma, the founder....