The Chinese tech centres of Shenzhen and Hangzhou have given Silicon Valley a run for its money for the first time.
Financial technology companies in Asia raised $9.6bn during the first seven months of the year, more than double the $4.6bn raised by similar companies in North America, according to data from Accenture.
The capital raising, of which more than 90 per cent was done by Chinese companies, was also twice as much as that raised in Asia during all of 2015 by “fintech” groups — a catch-all term that has come to include everything from multibillion-dollar online investment platforms to mobile applications offering discounted dining options.
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