TOKYO: Global investment in financial technology venture firms grew 10 percent last year to $23.2 billion, consultancy firm Accenture said on Tuesday, fueled by huge investor appetite in China and Japan.
Fintech investment in China more than tripled to $10 billion from 55 deals last year, representing 90 percent of fintech ventures in the Asia-Pacific region.
Japan also saw a large spike with fintech ventures totaling $154 million from 14 deals in 2016, more than double the previous year’s $65 million, said Accenture, whose analysis was based on data from CB Insights.
Fintech ventures typically leverage technology, such as cloud data storage or smartphones, to provide cheap and easy-to-access services from loans and insurance to payment services and crowdfunding.
Investment in Chinese fintech ventures was buoyed by blockbuster deals such as a $4.5 billion fundraising round at Ant Financial Services Group, an affiliate of e-commerce giant Alibaba Group Holding Ltd.
China’s second-largest e-commerce company JD.com Inc. also raised $1 billion for a consumer finance subsidiary, Accenture said.
Global fintech investment up 10 %
Global fintech investment up 10 %
Airlines across Middle East, Asia extend flight suspensions for 3rd straight day
RIYADH: Airlines and airport operators across the Middle East extended flight suspensions for a third consecutive day after US and Israeli strikes on Iran triggered widespread airspace closures, disrupting global travel routes.
Major Gulf hubs halted operations as authorities kept sections of regional airspace closed, forcing carriers to cancel thousands of flights and reroute long-haul services linking Europe, Asia and Australia.
This comes as flight cancellations affected seven airports across the Middle East on March 1, including Dubai and Abu Dhabi in the UAE, Doha in Qatar, and Manama in Bahrain.
Emirates said in a statement that, due to multiple regional airspace closures, it has temporarily suspended all operations to and from Dubai until 3:00 p.m. UAE time on March 3.
“The situation remains dynamic and is assessed continuously. We urge all customers to review the latest operational updates on emirates.com and check their email for any notifications about changes or cancellations to their flights before travelling to the airport,” the airline said.
Hamad International Airport said flights remain suspended and will resume once the Civil Aviation Authority announces the reopening of Qatari airspace. The airport advised passengers not to travel to the airport and to contact their airlines for updates.
The closures disrupted key hub airports in Dubai, Abu Dhabi and Doha. Emirates, Qatar Airways and Etihad — which operate from these hubs — normally handle around 90,000 passengers daily, with even more traveling to other Middle Eastern destinations, according to aviation analytics firm Cirium.
The disruption has compounded volatility in airline shares amid concerns over higher fuel costs and prolonged operational uncertainty.
Ipek Ozkardeskaya, senior analyst at Swissquote, said: “The weekend was marked by tensions between the US, Israel, and Iran, leading to hundreds of explosions targeting broader Middle East countries as well, including the UAE, Saudi Arabia, Qatar, Bahrain and Kuwait.”
He added: “The flare-up was predictable; markets had been preparing for weeks as US warships advanced to the region preceding the explosions.”
Asian airlines shares plunge
Asian airline stocks slid on March 2, with Hong Kong’s Cathay Pacific, Australia’s Qantas, Singapore Airlines, and Japan Airlines falling more than 5 percent after the escalation disrupted travel flows and heightened concerns over fuel prices, Asharq Bloomberg reported.
Qantas shares dropped as much as 10.4 percent to a 10-month low at the Australian market open before trimming losses to trade down nearly 6 percent.
Other carriers, including Japan Airlines, Air China and Malaysia Airlines, also declined.
Cathay Pacific canceled all flights to the Middle East, including passenger services to Dubai and Riyadh, until further notice.
Singapore Airlines suspended flights to and from Dubai until March 7, while Japan Airlines halted services between Tokyo and Doha for the time being.
Flight data provider VariFlight said Chinese airlines have canceled 26.5 percent of their services to and from the Middle East scheduled between March 2 and 8.
