Four of the Top 10 fintech companies are Chinese
October 30, 2018 Category China News Round-up, Weekly
Chinese fintech companies took four of the top 10 spots in the 2018 Fintech100 report, and three of the top five, as Chinese firms continue to build scale with a heavy emphasis on payments and insurance. KPMG and fintech investment firm H2 Ventures compiled and announced the ranking. Ant Financial topped the list, followed by JD Finance, while Du Xiaoman Financial ranked No 4 and Lufax, an online financial asset trading company that uses big data to analyze risk, came in at No 10. The companies’ user numbers are growing at a staggering rate, as are their product offerings.
Ant Financial is the world’s largest third-party payments platform. JD Finance uses its e-commerce expertise to provide finance across seven business areas, including consumer finance, crowdfunding and payment services. Du Xiaoman Financial provides short-term loan and investment services. “The 2018 Fintech100 showcases the increasing diversity and scale of the global fintech market. Payments and lending continue to be the dominant sectors. However, wealth management is taking off, with 14 companies on the list,” said Ian Pollari, global co-lead of KPMG Fintech. The list highlighted dynamic fintech companies from around the world that are transforming the financial services industry, from digital payments and lending, to insurtech and neo-banking.
Payments companies dominated the Fintech100, with 34 in total, followed by 22 in lending, 14 in wealth management and 12 in insurance. The U.S. topped the ranking with 18 fintech companies in the top 100, including three in the top 10, followed by the UK with 12, and China with 11. Australia and Singapore also placed strongly with seven and six companies, respectively. 36 countries are represented in the list this year, up from 29 in 2017 and 22 in 2016. Almost half of the companies on this year’s list were founded and continue to operate in emerging markets. Ben Heap, Founding Partner at H2 Ventures, said that the companies on the 2018 list have raised over USD52 billion in venture capital, more than double the total of last year’s list, and more than USD27 billion of capital in the past 12 months, a 366% increase over last year,” the China Daily reports.
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