FinTech Investment Booms Despite China Economy Fears
Financial Tech and blockchain-based services are becoming one of the fastest growing industries worldwide. With the globe’s economy seemingly in turmoil and markets having a horrible first week of 2016, things seem gloomy ahead. However, FinTech and distributed ledger startups are still getting injected with lots of funding. Markets had a bloodbath all....
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New research has shown that Chinese mobile payments were around 50 times greater than those within the U.S. in 2016, thus illustrating that China’s FinTech market is a strong contender in the market. China Dominates the Mobile Payment Market. Research from iResearch in China has found that Chinese third-party mobile payments more than tripled in 2016 to $5.5 trillion. WeChat Pay and Alipay, operated by Ant Financial, dominated the market. Recent research found that Alipay received the biggest investment in 2016 at $4.5 billion as FinTech funding increased in China. Whereas, in the U.S.,....
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....
Investment in Chinese FinTech continued at a pace in 2016 despite markets in other countries experiencing a slowdown in the sector. It’s reported that during the first nine months of 2016, FinTech investments doubled in China, which was partly due to funding rounds completed by Ant Financial, JD Finance and China’s Lufax, reports the China Money Network. The report states that in the first three-quarters of 2016, global financial technology investments accounted for US$18 billion, just down from the US$19 billion that was invested in the previous year. According to a report by City Asia....
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....
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....