China challenges UK's lead in fintech

The UK is at risk of losing its reputation as the world’s leading fintech centre as the number of innovative companies in China is rising rapidly, according to a new report by KPMG. The annual study shows that four of the top five global innovators in financial technology now come from China, reflecting the “indisputable” growth of fintech in the country, the Financial Times reports. Topping the list, which is determined by the amount of capital raised and the degree of traction with consumers, among other factors, is Hangzhou-based Ant Financial, an online payment service provider. Earlier this year, Ant Financial raised $4.5bn in a record fintech private placement. The report shows that the UK is losing ground, occupying 13 of the top 100 positions compared with 18 last year.