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Financial services get a 'wake-up call' as Asian fintech deals quadruple
Fintech investments in Asia Pacific are set to quadruple this year as venture capitalists and financial institutions hungry for piece of the action pile cash into the rapidly growing sector.
These are the findings of a report released by management consulting firm Accenture on Wednesday. The report estimates 122 deals netted $3.46 billion of investment in the region's fintech space for the first nine months of the year, dwarfing the $879 million raised over 117 deals for the whole of last year. Beat Monnerat, senior managing director at Accenture and the company’s Financial Services lead in Asia Pacific, commented:
“The increasing deal size should serve as a wake-up call to financial services companies in China and across Asia-Pacific that if they do not offer truly useful, customer-friendly digital solutions, competitors will step into the breach not just on the retail front but also in commercial transactions.”
The report neatly coincides with the Fintech Innovation Lab Investors' Day being hosted by Accenture at Hong Kong's Cyberport. The event — which marks the culmination of Accenture's 12-week fintech accelerator program — showcases seven of the most promising fintech startups operating in Hong Kong.
Photo: Peyri Herrera