Investment in HK fintechs more than doubles
Amid a worldwide surge in interest in financial technology start-ups, Hong Kong-based fintech investment soared to $545.7m last year, far outstripping regional rivals Australia and Singapore.
The analysis, carried out by Accenture and based on data from analytics form CB Insights, shows a sharp rise from $215.5m of investment in 2016 – already a doubling of $107.5m in 2015.
In 2017, investment in fintech companies around the world attracted a record high of $27.4bn of investments, a global total increase of 18% YoY. Due partly to nervousness at state regulation and restrictions, investment in mainland Chinese fintechs bucked the trend regionally and globally, declining by a whopping 72% YoY.
Yet despite the cooling effect, the Chinese mainland still far outstrips the region, with fully $2.8bn of fintech investments last year on the back of 146 separate contracts.