Chinese firms led global fintech investments in 2018
Chinese companies accounted for almost half of all fintech investments globally last year, according to a report by consulting firm Accenture.
Global investment in financial technology (fintech) companies more than doubled to $55.3 billion in 2018, with China making up $25.5 billion in transactions.
«Even with the current volatility in global markets and ongoing macroeconomic concerns, investment in the fintech sector remains strong,» said Richard Lumb, group chief executive for financial services at Accenture. Overall, the number of transactions worldwide increased 19 per cent to 3,251 last year, according to Accenture’s media statement.
«The demand for fintech innovations by banks and other financial services companies continues to grow as they face regulatory and capital pressure; competition spurred by Open Banking from new entrants, including Big Tech and neo-banks; and new and evolving security threats.»
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