China becomes the largest fintech adopter in the world

5 December 2016

According to the new data from the research conducted by the two companies DBS and Ernst & Young, China has come first among the world nations in the race for the financial technologies expansion across the country. An executive from DBS Neal Cross notes that the prosperity of the fintech products in China was driven by the favorable legal policies and world’s leading corporations in the electronic and mobile commerce industry such as Alibaba, TenCent and Baidu.

Cross adds that the growth of fintech sector in China is significant as the companies in the industry were operating in the ‘sandbox’ like environment in China in combination with the constantly practiced innovation on the part of the above mentioned giants. In the report China outfooted London, New York and Silicon Valley.

The rush of the fintech products adoption across the nation was also stimulated by the large percentage of the next generation youth easily trialing the innovations and technologies. The figures in the research show that in China customers adopt innovative payment options more than in Singapore (41% versus 4%), and Chinese users give their preference to insurance services provided by non-banking companies dealing in the fintech industry more frequently (35%) than in other markets across the South-Asia region (1-2%). Besides, the study also shows higher figures for penetration of wealth management and loan provision products offered by fintech firms.

An executive from Ernst & Young James Lloyd makes a comment saying that increasingly growing urbanization along with a large number of underserved consumers coupled with the thriving e-commerce, online and mobile expansion in the country generate jointly the favorable conditions for financial technologies and innovation florescence in China.

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