ITA Report: Bitcoin a ‘Top Focus’ in Chinese FinTech
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....
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A new report suggests that China could push the U.K. off the FinTech top spot as Chinese companies overshadow U.K. firms. The report, from KPMG and H2 Ventures, found that compared to 2015 there were only 13 U.K. firms in the yearly FinTech 100 report. In 2015, that number is reported to have been 18. However, only one U.K. firm, Atom Bank, was reported to be in the top ten. Compared this to Chinese companies and while the report detailed that there were eight firms listed in the top 100, four of them made it to the top five. These are Ant Financial, Qudian, Lufax, and ZhongAn. Of course,....
Bitcoin’s price dropped slightly after the People’s Bank of China (PBOC) published a summary of its findings after inspecting major Chinese exchanges. PBoC: ‘Continued Focus’ on Exchange Activities. “According to the initial inspection and the problems found, the inspection group decided to continue to focus on payment and settlement, anti-money laundering, foreign exchange management, information and financial security and other aspects of further inspection,” the translated statement reads. Investigators suggested that investors should pay attention to Bitcoin platform transactions, such....
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....
China, the largest fintech sector according to the International Trade Administration (ITA), is going cashless. Consumers are moving away from traditional banking systems to more efficient and user-friendly financial technologies. KPMG, one of the Big Four auditors with over $25 bln in annual revenue, recently released its Fintech 100 list which represents the largest and most profitable companies within the global fintech market across all categories. China’s Ant Financial and Qudian topped the list, claiming the first and second in rankings respectively. Lufax, ZhongAn and JD Finance....
Hong Kong’s top banking regulator, the Hong Kong Monetary Authority (HKMA), unveiled two FinTech initiatives today. The announcement was made at the Hong Kong’s annual Treasury Markets Association gathering by HKMA chief executive, Norman Chan. Hong Kong’s FinTech Market Is Bitcoin Focused. While the announced initiatives are not specifically for Bitcoin....