VC-backed fintech investment surges
Print Edition
CHINA’S financial technology investment in venture capital deals saw an explosive rise in 2015, according to a report by KPMG.
China’s VC-backed financial technology investment went from around US$600 million in 2014 to almost US$2.7 billion in 2015, accounting for 20 percent of the overall investment in this area worldwide, the report said.
Financial technology, or fintech, is a line of businesses founded with the aim to facilitate the financial system by applying technology to services, such as mobile transactions.
Fundraising platforms, which offer online payment and currency transaction services, such as the peer-to-peer brokers, contributed the most in China’s recent fintech business boom, the report said.
ZhongAn, an online insurance group backed by Alibaba CEO Jack Ma, led by drawing US$931 million in private equity funding last year.
KPMG attributed the explosive development in China’s fintech industry to the growing partnership among banks, insurance providers and fintech firms.
Traditional financial service firms are tying up with fintech firms to give customers more secure and easy financial services, said the report.
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