In 2016, the amount of venture capital funding increased 10% to $23.2 billion, which was largely assisted by investments in China and Japan, reports Fortune.
China is embracing Fintech very quickly during the past few years. China’s Ant Financial Services Group raised $4.5 billion during a fundraising round. Hong Kong-based industry investment firm, Credit China Fintech Holdings Ltd. also announced that it was entering a $30 million agreement with bitcoin and blockchain industry giant BitFury.
Japan in the past year has emerged as a strong market for cryptocurrencies and blockchain technology. The technology adoption, combined with government’s liberal attitude towards Bitcoin and blockchain could give a significant boost to the country’s growing fintech ecosystem. Moreover, the Bank of Japan launched a blockchain test drive at the end of last year to gather more insight into how the technology works. According to governor Haruhiko Kuroda, the new technology could bring significant change and impact to the financial industry.
It’s very exciting to see the adoption of Fintech in Asian countries. From my point of view, there is no doubt that Fintech will play a big role in the financial industry of China. Meanwhile, the development of fintech industry in Japan will be instrumental in improving the Japan’s economy as well.
Source:
http://www.newsbtc.com/2017/03/05/japan-fintech-revenues-2021/
https://www.cryptocoinsnews.com/china-japan-lead-asian-interest-fintech/