China drove fintech funding globally in 2018 despite rising tensions with US, report says – SCMP

What happened: Chinese investment in fintech companies reached $25.5 billion in 2018, accounting for nearly half of all fintech investments globally, a new report from consulting firm Accenture shows. More than half of China’s fintech investment came from Ant Financial’s record-setting $14 billion funding round in May.

The number of fintech investments in China more than doubled compared with a year ago to a total of 348 transactions while global investment in fintech companies more than doubled to $55.3 billion last year. US investments, which normally lead the pack, also surged year-on-year but remained significantly lower than China with the largest deal during the well under the $1 billion mark.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.