Ant Group, part of the Alibaba group, has $22 billion in funding according to data compiled by MoneyTransfers.com. This is four times more funding than any other fintech company in the Asia-Pacific Region.
Across the top five companies for Fintech funding, four are in China, with JD Digits ($5.37 billion), Du Xiaoman Financial ($4.8 billion) and Lu.com ($3.02 billion) and one is located in India – One97 ($4.81 billion).
China alone accounts for $36.4 billion in funding
Notably, Australia is falling behind in terms of fintech, with just one company – Airwallex ($0.8 billion) – featuring on the list.
Whilst not necessarily a reflection on the Australian economy as such, it does point to the potential that Australia is losing ground in a competitive and lucrative technological space.
“The fact Australia has just one company in the top 20 funded fintech companies only tells us part of the story. The flipside is that China makes up 25% of the companies on the list, but at $36.4 billion of funding, makes up 63% of all APAC fintech funding.
“This suggests that China has staked a claim to the APAC fintech market, and this dominance is going to be hard to break in the near future or long term future.”
Jonathan Merry, CEO at MoneyTransfers.com
Outside of this India has the most amount of companies on the list with eight in total – however these make up just $11.13 billion in funding, less than half that of Ant Group.