Mainland turns top fintech destination

The Chinese mainland overtook the United States as the No 1 investment destination in financial technology or fintech, according to Citi GPS, a research team under Citi Group.

According to a Citi GPS research report, in the first three quarters of 2016 the mainland accounted for over 50 percent of the world's total fintech investments.

In fact, the Chinese mainland was the only major place where fintech investments showed a major increase last year - doubling in the first nine months versus the same period in 2015, whilst investments in the US and Europe declined 38 percent and 27 percent respectively.