What’s China’s fintech industry?

While American companies such as American Express, MasterCard and Visa are trying to locate in China, Chinese consumers are increasingly using their mobile phones to buy goods and services. In fact, the country has moved from cash payments to mobile payments, bypassing the payment card system.

Over the years, China has continued to dominate FinTech's global market with a strong domestic market. Moreover, the factors of displacement and attraction are the catalyst for the introduction of the main sector of digital finance. On the other hand, capital investments flock and the market is supported by strong government support for innovation. On the other hand, demand is stimulated by underserved SMEs and technically savvy consumers, often non-bankers, who want access to financial services via their mobile phones. Foreign Chinese and FinTech companies will also play an increasingly important role in global cooperation leading to technological innovation. As these companies learn abroad, they will be brought back to the domestic market, giving other sectors the energy they need to stay ahead of the world.