29.09.2022

China has occupied the dominant position in the FINTECH industry

This week, representatives of hundreds of financial technology companies – from startups to giants of the industry – gathered at the Money 20/20 conference in Amsterdam (the Netherlands). But even at the European conference focused on China, according to CNBC.

One of the key topics at the conference were the leading role of China in the FINTECH industry.

Audit company EY, who studied the implementation of financial technology in 20 major economies called China the leader in this indicator.

The study showed that 69 percent of Chinese consumers used at least two FINTECH service over the last six months.

In second place is India, where 52% of consumers are using FINTECH in third place – great Britain (42%).

Often in China use the services of mobile payments and transfers. 83% of consumers in the country make payments or money transfers via smartphone.

58% of Chinese consumers reported that they use FINTECH platform for savings and investment. 46% are using FINTECH to borrow money.

“Alibaba and Ant Financial – we are literally the world’s largest financial technology company, and we are the largest company in the world in the field of electronic Commerce, and the two huge machines are still growing in annual terms by more than 50% per year”, – said at the conference, Money 20/20 Li Wang, head of Alipay in EMEA (Europe, middle East, Africa).

According to Lee, Alipay, a platform for mobile and online payments, has 870 million active users, including 600 million in China and 270 million in other countries.

As reported “Vesti.Economy”, Ant Financial Services Group is a subsidiary of Alibaba, China’s largest platform for online payments – managed to raise $14 billion from a group of investors. The company estimated approximately $150 billion, making it the most expensive private technology company of China. In the summer of 2016, Ant Financial valued at $60 billion.

The funding round was attended by both Chinese and foreign investors, including government investment funds in Singapore and Malaysia, the Investment Council Canada pension plan (Canada Pension Plan Investment Board), the private equity funds Silver Lake and General Atlantic, and others.

“The funds raised will be used to accelerate plans for globalization Alipay and investment in technology,” said Ant Financial.

The company said it will continue to invest in areas such as blockchain, artificial intelligence, security, Internet of things and computing capabilities, to improve its global technology platform.

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