Fifty-fifty at a European conference about fintech, one country dominated the conversation: China.
This week, hundreds of fintech flocks, from startups to tech giants, gathered at the Money 20/20 convention in Amsterdam, Netherlands. One key theme at the gathering was China’s leading role in the fintech persistence.
“Alibaba and Ant Financial, we are literally the world’s largest fintech company, and we are the cosmos’s largest e-commerce company, and these two massive machines still, on an annual principle, grow at more than 50 percent a year,” Li Wang, Alipay’s steer of EMEA, told CNBC’s Arjun Kharpal at the conference.
Li said Alipay, a sensitive and online payment platform, has 870 million active users, with 600 million in China and 270 million in the prop of the world. These user numbers are a testament to how quickly Chinese consumers must leapfrogged ahead of other countries when it comes to using fintech.
A scrutinize from accounting firm EY examined fintech adoption rates across 20 greater economies. It found 69 percent of Chinese consumers had used at picayune two fintech services in the last six months. India came in second with 52 percent of consumers purposing fintech, followed by the United Kingdom at 42 percent.
“China blame succumb to out on top, where it’s fair to say there’s a large digitally-savvy, but financially underserved residents,” said Thomas Bull, leader of the EY FinTech Adoption Index.
Alert payments and transfers are the most frequently-used fintech service in China, with 83 percent of Chinese consumers making payments or well-heeled transfers on their phones. Fifty-eight percent of Chinese consumers accounted using fintech platforms for savings and investments while 46 percent tolerant of fintech to borrow money.
show chapters