Leandra Monteiro
today
- Alibaba
- Ant Financial
- API banking
Chinese fintech companies are acting as a supporting layer for the financial services industry by leveraging new technologies such as AI, blockchain, cloud computing, big data (ABCD) and Internet of Things (IoT). In recent years, China has been at the forefront of the fintech industry.
The country’s fintech boom is largely driven by the lack of strong traditional banking services, the unmet financial needs of ordinary people and small and micro businesses, and the vast number of Chinese citizens using the internet. I came.
Additionally, Chinese consumers are rapidly adopting fintech capabilities such as online banking, digital currencies, money transfers, payments, crowdfunding, lending, investments and insurance. Three FinTechs to watch in China are:
Ant Financial: Ant Financial Services Group has partnered with Chinese e-commerce giant Alibaba Group. He is one of the world’s most valuable fintech companies. This fintech company uses technologies such as blockchain, artificial intelligence (AI), security, Internet of Things (IoT), and computing to target a large number of, especially unbanked or unbanked We provide financial services to the people of China.
By the end of March 2018, Ant Financial served 870 million users worldwide, according to the company and its JV partners. Brands under Ant Financial include Alipay, Ant Fortune, Yu’e Bao, Zhima Credit, MYbank and Ant Financial Cloud.
Ping An Technology: Ping An Technology is the main technology division of Ping An Group. The company develops and operates platforms and services that support Main Group’s insurance, banking, investment, and Internet businesses.
Founded in 2008, Ping An Technology has designed cloud ecosystems in the fields of finance, healthcare, education, security, agriculture, entertainment and government. Ping An Technology was an in-house provider of information technology services to companies within the Ping An Insurance Group. Lufax and One Connect are his two FinTech divisions of PingAn Group. Lufax is PingAn’s star incubation project, worth more than RMB 270 billion.
Tencent: Widely considered the biggest rival to Alibaba Group and its subsidiary Ant Financial, Tencent’s track record in the FinTech industry is certainly something to consider.
Among the company’s list of accolades is the launch of WeBank, China’s first online-only bank to provide wealth management and financial services. In November 2018, WeBank’s valuation reached his $21 billion, according to the company. Its high-profile apps include his WeChat Pay, which competes directly with Alibaba’s Alipay.
Also read: Wealth Management and Private Banking Systems Report Q4 2022
