China’s fintech is leaving the rest of the world behind

China is emerging as a leading fintech market on a global scale. Half of the global investment in financial technology is happening in Asia, especially China, according to the World Economic Forum.

Contrary to trends in many developed countries, Chinese consumers are ready to embrace fintech technology as seen from the common use of Alipay, WeChat Pay, and e-commerce services such as Taobao and JD. The willingness of Chinese customers to embrace fintech offerings is beyond expected supply, creating opportunities for both incumbent and new financial services providers.

According to a report published by DBS and EY, 40% of Chinese consumers are open to using fintech payment methods compared to 4% in Singapore. The rate of fintech participation in wealth management and lending also tend to be higher. The report says that China has moved beyond the point of disruption compared to the West which is only just reached the tipping point of inflection.

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom