Internet finance has put on an impressive feats globally with countless start-ups emerging across continents. In China, nearly 20% of its GDP driven by Internet finance, with seven of the top ten fintech companies in the world based there.
November 21, 2018 | Suvo Sarkar- Third-party payment is the earliest, largest and most developed segment in China’s Internet finance market.
- Compared to traditional bank offerings of wealth management, Internet players have higher returns, very low entry barriers and same day liquidity.
- Financing is the third big area of disruption in China, and where most innovations have flourished.
Picture walking into a fast food outlet to pick up your order for a juicy burger and paying at the counter by just smiling into a camera. Imagine applying for a personal loan on a bank holiday and being approved online in 1 second with zero human intervention. Fancy being able to get medical advice for a toothache at midnight from a call centre staffed by over 1,000 doctors.
If you happen to live in China today, you need not imagine any of the above. Fintechs like Alibaba, Tencent and Ping An are making all these scenarios possible with innovative use of technology and data. I returned recently from a mind-boggling innovation tour of China where fintech start-ups are mushrooming like nowhere else in the world and creating an overwhelming influence on people’s lifestyles.
Impressive feats
Over the past few years, Internet finance has put on impressive feats globally with countless start-ups emerging across continents. In China, these feats are particularly appetizing with nearly 20% of its GDP driven by Internet finance and with seven of the top ten fintech companies in the world based there. Ant Financial, valued at about $150 billion, is the most valuable fintech in the world today.
A number of factors have driven this impressive growth. First, the regulatory authorities have publicly supported start-ups and innovation. Secondly, with smartphone penetration at 72%, China boasts the highest Internet transaction volume world-wide, at over $5.7 trillion annually. And finally, the huge “tail” of low-income customers hav...
Categories:
Keywords:Fintech, Technology, Loan, Internet Finance, Blockchain, SME, AI
Internet finance has put on an impressive feats globally with countless start-ups emerging across continents. In China, nearly 20% of its GDP driven by Internet finance, with seven of the top ten fintech companies in the world based there.
November 21, 2018 | Suvo Sarkar- Third-party payment is the earliest, largest and most developed segment in China’s Internet finance market.
- Compared to traditional bank offerings of wealth management, Internet players have higher returns, very low entry barriers and same day liquidity.
- Financing is the third big area of disruption in China, and where most innovations have flourished.
Picture walking into a fast food outlet to pick up your order for a juicy burger and paying at the counter by just smiling into a camera. Imagine applying for a personal loan on a bank holiday and being approved online in 1 second with zero human intervention. Fancy being able to get medical advice for a toothache at midnight from a call centre staffed by over 1,000 doctors.
If you happen to live in China today, you need not imagine any of the above. Fintechs like Alibaba, Tencent and Ping An are making all these scenarios possible with innovative use of technology and data. I returned recently from a mind-boggling innovation tour of China where fintech start-ups are mushrooming like nowhere else in the world and creating an overwhelming influence on people’s lifestyles.
Impressive feats
Over the past few years, Internet finance has put on impressive feats globally with countless start-ups emerging across continents. In China, these feats are particularly appetizing with nearly 20% of its GDP driven by Internet finance and with seven of the top ten fintech companies in the world based there. Ant Financial, valued at about $150 billion, is the most valuable fintech in the world today.
A number of factors have driven this impressive growth. First, the regulatory authorities have publicly supported start-ups and innovation. Secondly, with smartphone penetration at 72%, China boasts the highest Internet transaction volume world-wide, at over $5.7 trillion annually. And finally, the huge “tail” of low-income customers hav...
Categories:
Keywords:Fintech, Technology, Loan, Internet Finance, Blockchain, SME, AI
