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).

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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.

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“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.”

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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.