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State-backed investments drive Chinese financial technology companies to outdo Silicon Valley firms in fundraising

2 months ago
Sky Canaves
n the first seven months of 2016, Asia's financial technology companies raised $9.6 billion, with more than 90 percent of that amount going to Chinese ventures. North American firms raised $4.6 billion during the same period, according to data from Accenture. “We’ve seen a restructuring of the market,” said one analyst. “Many small players without business models are phasing out and the bigger ones are rising.”
By Sky Canaves
Sky Canaves previously reported for The Wall Street Journal in Beijing and Hong Kong, where she covered media, culture, social issues, and legal affairs, and served as the founding editor and lead writer of the WSJ’s China Real Time site. Prior to becoming a journalist, Sky worked in the China corporate law practice of Baker & McKenzie, and she has also taught journalism and media law at the University of Hong Kong. She speaks Mandarin and has accumulated more than a decade's experience living, studying and working in China.

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