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Business trends

Asia fintech leads global funding as Alibaba and Baidu wallets thrive

Sector raised $30bn last year, nearly double North America tally

Ant Financial, which operates the Chinese mobile payment platform Alipay, raised $14 billion from investors last year.

TOKYO -- Asian financial technology companies raised $29.8 billion in 2018, almost twice as much as their North American counterparts, with investors looking to the region as the vanguard in innovative payment services.

About 54% of the world's $55.3 billion in fintech investments last year went to the Asia-Pacific, according to data released on Feb. 25 by U.S. consulting firm Accenture, with China alone accounting for 46% of the total.

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