December 30, 2016
With a population of over 1.35 billion and the second largest economy in the world, China plays an important and influential role in the global ecosystem. Summarizing the hallmarks of China’s FinTech market, ITA puts China among the top financial technology markets along with the UK, Singapore, Brazil and Australia.
Unlike the US and Europe’s telecom and Internet companies, China’s Internet giants have been strategically expanding into payments/finance and their local consumer banks are more sophisticated. The results of strategic efforts are seen in the valuation map of 27 FinTech unicorns spread around the world, where China’s power players are consolidating the most financial power even with fewer representatives – China-based unicorns are worth over $96 billion in valuation, while America’s unicorns’ valuation is at $31 billion and the ROW – $11.5 billion. No region is anywhere close to China with its power team BAT (Baidu, Alibaba and Tencent) – the GAFA of the East.
DBS suggests that while London, New York and Silicon Valley, ...