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China Set to Exceed Previous FinTech Investment Record

In a report from CBInsights, Asia accounted for around 20 percent in the number of FinTech investments worldwide last year. However, deals accounted for a far more with 43 percent of the global funding taking place in Asia in 2016.  It’s believed this is down to the fact that major Chinese companies are pouring money into the Asian financial technology sector than ever before.

Some of China’s heavyweights that have contributed to the sector include Shenzhen-based Ping An Insurance Group, China’s largest non-state-owned financial entity with assets of over $765 billion. In early 2016, it raised $1.2 billion through a Series B round of online lender Lufax. The Ping An Group also became the first Chinese member to join the R3 Consortium last year.

E-commerce JD.com raised $1 billion in January 2016 in another funding round helping to contribute to the world’s biggest investment funding rounds in financial technology startups in 2016.

Toward the end of 2016, multimillion-dollar Chinese investment firm Huiyin Group announced the launch of a $20 million bitcoin and blockchain fund, which aims to invest in bitcoin and blockchain companies.

Source: Cryptocoins News

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