Capital flowing into venture capital-backed financial technology (fintech) companies has driven investments in the sector in Asia to a new high in the first quarter of 2016.
China, the dominant country in the region, attracted US$2.4 billion investment into venture-backed fintech companies from January to March through nine deals, compared to just US$300 million with six transactions registered in the fourth quarter last year.
The significant increase was driven by the over US$1 billion mega rounds to two of China's largest Internet finance companies, Lufax and JD Finance.
The China fintech deals boosted total investment to venture-backed fintech companies in Asia to a new high of US$2.6 billion, up from US$500 million in the previous quarter.
This means that China accounts for over 90% of Asian activities and 49% of the US$4....
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