Asian FinTech companies raised investment of $29.8 billion in 2018, almost twice as much as their US counterparts, says new research from Accenture.

According to the consulting giant, investors now see the region as being in the vanguard of digital payment services. Accenture figures say that roughly 54 percent of the world’s FinTech investments went to Asia in 2018 – with 46 percent of funding accounted for by China alone.

China’s figures were boosted by three major deals: Ant Financial, the digital payments arm of Alibaba, received a single $14 billion tranche of investment, while $4.3 billion went to Du Xiaoman Financial, and received $1.3 billion.

The Accenture report contrasts with recent research from another market intelligence firm. Earlier this month, CB Insights released figures saying that VC-backed FinTech companies raised $39.57 billion across 1,707 separate deals worldwide.

That report saw Asia tilting at the US windmill as the lead FinTech market, with a surge in early-stage and mega-round investments in 2018. Asia saw the biggest boost in deals, growing 38 percent year on year, with a record level of funding: $22.65 billion across 516 investments – impressive, but substantially less than Accenture’s estimates.

Europe saw a pull-back in deals to 367, said CB Insights, but funding topped $3.53 billion, an annual record. Nonetheless, the figures showed that deal numbers grew in every market except Europe in 2018.

The figures may make for troubling reading in the City of London and other European financial centres, such as Frankfurt. The centre of financial power appears to be heading east, where lighter regulations and mega-investments hold sway.

Be part of a discussion and connect with like-minded leaders in your sector at our exclusive event series on banking and RegTech.