China’s crackdown on online lending has caused a dramatic decline in venture capital-backed funding for financial technology in Asia, which has dropped below $1 billion for the first time in the past five quarters, according to a new global fintech report from CB Insights.
The New York-based big data company found that fintech investment in Asia plummeted from more than $2.6 billion in the fourth quarter of 2018 to $875 million, a 67% decline. During that same time, fintech deals in China slipped from 49 to 29 and fintech funding fell by nearly 90% from the prior quarter to $192 million.
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