China Launches $1.5bn Fintech Fund, Takes No. 1 Spot From UK!

Speaking of Chinese investment, and because we don’t feel people talk enough about how the “Sleeping Dragon” is waking up, becoming all middle class and socking it to Trump and his “alt-right” advisors by being nice to everywhere else in the world, holidaying there and spending huge wodges of cash, try this $1.5bn Fintech Fund out for size.

It’s called the…deep breath…Asia Fintech Merger and Acquisition Fund of Funds, is led by Credit China Fintech Holdings and 10 other corporate partners, and its targeting big data, artificial intelligence, mobile payments supply chain financing and blockchain technology.

Not big-time enough for you? How about the news that China increased investment into fintech ventures by $8.8bn between July 2016 and June 2016?

Need more? The Zhongguancum Fund of Funds, launched in October last year, is valued at $4.13bn.

It’s not a p*ssing contest (thank goodness) but China is also, according to a report from EY and DBS, ranked number one in the world for Fintech, nosing ahead of London. And New York. And Silicon Valley.

The numbers are getting silly, really. Ant Financial, a China based online payment service provider, raised $4.5bn last year in a private placement.

Meanwhile, in London, Fintech funding is declining ($386m in H1 2016 compared to $580m the year before) at the same time as global fintech investment grew at a rate of 150%.

We repeat – a piss*ng contest it ain’t. We note, the UK still occupies 13 of the top 100 most innovative companies according to KPMG and VC H2 Ventures, led by Atom bank. So there!

Plus we thought in China they called it TechFin – not because China is on the other side of the world so everything is backwards, but because Jack Ma said so. And he is friends with the Donald – so it’s probably true, right?

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