FinTech investment swings from west to east, Accenture
Yet more research trumpeting Asia-Pacific’s rise to the top of the FinTech pile, this time from Accenture. It finds that global investment in FinTechs grew 10% in 2016, to $23.2 billion, driven primarily by a wave of blockbuster deals in China.
Financing in Asia-Pacific in 2016 eclipsed that of North America for the first time, rising to $11.2 billion from $5.2 billion in 2015. North America attracted $9.2 billion and Europe $2.4 billion. The number of deals rose sharply in all major geographies, to nearly 1,800 from approximately 1,200 in 2015. However, the growth in total value of FinTech investments was due mainly to China and Hong Kong, where just 3% of the deals accounted for nearly 43% of total investment globally.
“For many years Silicon Valley, New York and London were the dominant centres of innovation and demand, but now FinTech has spread like wildfire around the world, and Asia-Pacific has become the rising star,” says Richard Lumb, group chief executive – Financial Services at Accenture. “The swing of investment from west to east is largely driven by the greater opportunity for new entrants to use FinTech to define the new fabric of the industry than in the west. As a result, global competition among FinTech ventures has never been greater, and financial institutions that are equipped to tap these ventures for innovation are better positioned than ever.”
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