Abstract
China’s FinTech industry leads the world in total users, market size and now even investments. China has even got eight of the 27 current FinTech ‘unicorns’ – technology companies that investors value at more than US$1bn. The main key drivers to explain this FinTech success in China are technology, education, size of population, economic advancement, adoption of mobile technology, financial industry liberalisation and regulatory acquiescence. Another explanation is the ecosystem itself. Numerous players from various industries have indeed rushed to stake a claim in China’s Internet finance sector, with distinctive value propositions: the BAT giants, tech companies and traditional banks. Combining these three players, Chinese FinTech activity spans seven essential vertical markets: payments and e-wallets, supply chain and consumer finance, peer-to-peer (P2P) lending platforms, online funds, online insurance, personal finance management and online brokerage. In the coming years, China looks set to continue to dominate the global FinTech industry with a very strong domestic market and will also play an increasingly important role overseas in the global collaborations driving technological innovation.
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