The growth of the fintech industry in China : a singular case

Abstract

In scarcely two decades, the People’s Republic of China has become one of the most prominent countries in the FinTech field. This has been the result of a singular set of factors, including most notably the structural shortcomings of China’s financial system, the growth of its middle classes and their attitude to privacy, a high level of digital connectivity, the volume of e-commerce and a series of public policies and enabling regulations. In addition, the emergence of the FinTech industry in China is marked by the success of the national technological giants, which have recently embarked on an international expansion. The Chinese Government continues to pursue ambitious strategic plans which, for the first time, evidence greater concern for a framework of robust safeguards to protect customers and ensure financial stability