Internet finance breeds the largest number of Chinese unicorns

Internet-based financial services make up the biggest category of Chinese unicorns, with entertainment services coming in second, according to a China Internet Watch (CIW) whitepaper.

Over 15% of all unicorns fall within the category “Internet Finance.” Seven of China’s top 20 unicorns provide financial services. These include Ant Financial, OneConnect, JD Finance, and WeBank.

In line with the number of unicorns providing financial services on the internet, 70% of mobile internet users make use of online payment systems. These payments totaled RMB 55 trillion in 2017 and are expected to increase to RMB 90 trillion by 2019. Additionally, almost 17% of internet users made use of financial planning services in 2017, a 3.2 percentage point increase compared to 2016.

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