Investments in Asia-Pacific fintech ventures, primarily in China, reached $9.62bn as of 31 July 2016, more than twice the $4.26bn invested in the region in all of 2015, according to Accenture analysis of CB Insights data.

Fintech investments in Asia-Pacific surpassed North America, where similar investments touched $4.58bn mark as of 31 July 2016, and Europe, where such investments garnered $1.85bn during this period.

However, deal volume remained higher in North America and Europe, as the rise in such investments in Asia-Pacific is mainly driven by big investments in a few fintech companies in China.

The number of such deals so far in 2016 in the Asia-Pacific region is 192, less than 509 in North America and 230 in Europe, the report says.

Accenture senior managing director, financial services Asia-Pacific, Beat Monnerat said: “China’s established companies, rather than nascent startups, are at the forefront of the fintech trend in the region.

“Fintech companies with major backers such as Alibaba and are focussed on providing positive end-to-end customer experiences, which includes payments and lending. This is transforming China’s financial services industry and is consistent with the global ‘Fourth Industrial Revolution’, which is bringing innovation from non-traditional competitors to the financial services industry.”

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Accenture’s analysis of CB Insights data reveals that the top 10 Asia-Pacific fintech investments was in China and Hong Kong, which contributed to 90% of overall investments in the region and were worth $8.75bn.

Overall, fintech ventures in China and Hong Kong have attracted $9bn in investments till date in 2016.

Accenture managing director financial services China Albert Chan added: “The fintech trend in China continues to skew toward online payments and lending, including peer-to-peer (P2P), which is creating market-share dilution for banks.

“China’s banks, whether building their own competitive platforms or not, should consider investing in collaborative fintech ventures in order to remain competitive.”