Accenture: China drove fintech funding in 2018

China • March 3, 2019, 8:15PM EST

UPDATED: March 4, 2019, 8:40AM EST

Global investment in fintech companies doubled in 2018 to over $55 billion in 2018, according to an Accenture report cited by South China Morning Post. China accounted for over 46 percent of this growth, investing over $25 billion in fintech companies including online wealth management platform Lufax and Ant Financial, an affiliate of Chinese internet giant Alibaba.

According to Accenture, the number of fintech investment transactions grew 19 percent to 3,251. In China, that number was 348, more than double the year prior. “Even with the current volatility in global markets and ongoing macroeconomic concerns, investment in the fintech sector remains strong,” Richard Lumb, group chief executive for financial services at Accenture, tells South China Morning Post.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi