20 February 2018
visit www.nextgenbanking.co.uk/

China tops world fintech rankings

05 December 2016  |  14391 views  |  0 Chinese flag

China has outpaced London, New York and Silicon Valley to become the world's undisputed global fintech leader, according to a report by DBS and Ernst & Young.

Neal Cross, DBS chief innovation officer, says favorable government policies and regulations have contributed to the growth of a thriving fintech ecosystem, powered by billion dollar tech innovators such as Alibaba, TenCent and Baidu.

“The speed at which China’s fintech landscape has developed is truly remarkable," he says. "It’s gotten this far because China’s landscape has operated in a sandbox-like environment conducive for FinTech to thrive — a strong domestic market, coupled with a constant push for innovation and experimentation driven by leading giants, unhindered by international influence.”

Chinese consumers’ propensity toward digital adoption is also seen as a key driver behind the country’s fintech boom, featuring a disproportionately large presence of tech-savvy millennials who are open to new technologies.

The report notes that 40% of Chinese consumers use new payments methods compared with 4% in Singapore, while 35% use non-bank fintech firms to access insurance products compared with 1%-2% in many Southeast Asian markets. There are also significantly higher rates of fintech participation in wealth management and lending.

James Lloyd, EY Asia-Pacific fintech Leader, says, “China’s unique mix of rapid urbanisation, massive and underserved market, e-commerce growth, explosion in online and mobile phone penetration, and customer adoption willingness have created a fertile ground for innovation in commerce, banking and financial services more broadly."

Read the full report:» Download the document now 5.7 mb (PDF File)

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China emerges as fintech powerhouse as UK dominance weakens

China emerges as fintech powerhouse as UK dominance weakens

25 October 2016  |  12279 views  |  0 comments | 35 tweets | 30 linkedin
China overtakes UK in digital payment volume stakes

China overtakes UK in digital payment volume stakes

22 September 2016  |  6363 views  |  0 comments | 10 tweets | 13 linkedin
China drives soaring Asia Pacific fintech financing

China drives soaring Asia Pacific fintech financing

25 August 2016  |  5857 views  |  0 comments | 2 tweets | 5 linkedin
Economic woes spell doom and gloom for Chinese fintech sector

Economic woes spell doom and gloom for Chinese fintech sector

08 January 2016  |  7715 views  |  0 comments | 10 tweets | 3 linkedin
From Unicorns to dragons, meet the new face of banking disruption

From Unicorns to dragons, meet the new face of banking disruption

12 October 2015  |  13250 views  |  0 comments | 25 tweets | 21 linkedin
China UnionPay overtakes Visa as world's biggest card scheme

China UnionPay overtakes Visa as world's biggest card scheme

12 August 2011  |  26556 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit http://info.nice.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11710 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9333 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9161 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7879 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7250 views comments | 19 tweets | 18 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job