- As per the rankings, fintech development continues to go strong in China.
- The report mentioned Binance, MemaPay, Moin, Silot and Tokeny among emerging companies on the list.
Big Four auditing firm KPMG has recently released its 2019 Fintech100 ranking. The list reveals the top 100 fintech firms in the world. There were fewer Bitcoin-related companies on the list. On the other hand, the list saw a rise in the payments industry. As was the case in 2018, the ranking was led by AntFinancial”” owned by Jack Ma of Alibaba. AntFinancial administers Alipay, one of China’s leading payment systems, and is valued at $83 billion.
In the category of companies offering innovation through blockchain and cryptocurrency, JD Finance was placed third. It was surpassed by Grab, a rideshare app similar to Uber. The app also functions as a payment system in Singapore.
Robinhood was ranked eighth in 2018. However, it slipped to the 14th spot in 2019. The KPMG’s rankings show stronghold of crypto-innovative firms. Many blockchain-focused firms such as OneConnect (18th), Revolut (26th), Coinbase (34th), Liquid (38th) and Banketa (42th) were included in the list. Chris Wang, partner and head of fintech at KPMG China, also commented on the strength of Chinese companies on the list. He said:
As fintech development continues to go strong in China, we are seeing some changes in China’s fintech landscape. Aligned with trends we observe globally, we see an increasing number of wealth, insurance and multi-sector companies in China on the list, which indicates that technologies and innovations have spread into more financial services sectors.
Binance, MemaPay, Moin, Silot and Tokeny were among the emerging companies listed on the report.
According to the report the listed companies have raised more than $18 billion in the last 12 months and more than $70 billion since their launch. These companies also happen to be serving over 2.5 billion customers worldwide.
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