Asia is an emerging economic power, thanks to the growth of some of the major countries in the continent. Staying true to its economic progress, the continent is also turning out to be an attractive market for the fintech industry.
According to a recent report published by KPMG – one of the “big four” audit firms in the world, the Asian continent was the largest recipient of venture capital in the fintech and cryptocurrency technology sector during the third quarter of this year. The report also mentions a significant fall in the total venture funding received by the fintech sector during the previous quarter. The total volume of funds received by the industry sector was found to be less than half of what it received during the same period last year.
Out of the total $2.4 billion funding during Q3 of 2016, Asian companies alone received over $1.2 billion while North America and Europe received $0.9 billion and $0.2 billion respectively. The funding was distributed across various fintech segments including lending technology, payments/billing technology, personal finance and wealth management, money