Fintech landscape in China

Organised by Business China Youth Chapter (BCYC), the BCYC Knowledge Exchange Collective seeks to bring BCYC members to share and discuss topics or trends in relation to Singapore and China.

This text is reproduced with permission:

In BCYC’s third Knowledge Exchange Collective held on 16 August 2020, BCYC member Ian Loh shared about his passion for banking and finance, as well as his work experience in Greater China, particularly his observations about the Fintech space.

There are five main pillars in the Chinese Fintech industry – Robo-advisors, consumer lending, digital banks, Digital Currency Electronic Payment (DCEP), and Blockchain Service Network (BSN).

Ian illustrated the remarkable construction of a Chinese Fintech ecosystem with the Alibaba Group. Valued at US$150 billion, it is built upon its core business (Taobao and TMall) and synergised by its peripheral operations across the finance value chain ranging from consumer lending to insurance and wealth management. Alipay builds ‘trust’ for payments, Zhong An Insurance offers insurance for damaged products, Ant Fortune assists consumers with cash management, My Bank helps Small and Medium Enterprises with working capital management, and Ant Check Later boosts the spending power of consumers.

China is leading the way in its Fintech developments, especially in bitcoin and blockchain, of which the latter serves as a national strategy in expediting the payment system to promote better synchronisation and stock exchange.

About Business China Youth Chapter

Business China Youth Chapter (BCYC) is a voluntary group of youths which envisions to be the leading Singapore-based community that inspires youths to be China-savvy and facilitate their connections with China. Supported by Business China, BCYC has a vibrant calendar of activities which serve the needs of the BCYC community.

To join BCYC, please email your enquiry to bcyc@businesschina.org.sg. Membership is free and open to youths aged 17 – 28 years old.

Credit: Business China