The UK is at risk of losing its status as the world’s leading fintech centre as the number of innovative companies in China is rapidly rising, according to a new report.
The annual study by advisory firm KPMG and investment company H2 Ventures shows that four of the top five global innovators in financial technology now come from China, reflecting the “indisputable” growth of fintech in the country.
Topping the list, which is determined by the amount of capital raised and the degree of traction with consumers, among other factors, is Hangzhou-based Ant Financial, an online payment service provider. Earlier this year, Ant Financial raised $4.5bn in a record fintech private placement.
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