October 17, 2019
FinTech has become a reality of the financial services industry in almost all developing and developed countries. When you look at the top FinTech companies in the world, it is no surprise that companies from China and the US emerge as two leading countries in terms of the number of FinTech startups. The much-discussed US FinTech landscape is great, no question about that – however, a study into China’s chasmic FinTech landscape will reveal some interesting FinTech stories that make it stand out from the rest of the world. Many factors such as high smartphone adoption, being home to some of the world’s largest FinTech unicorns, globalization, and more set China’s FinTech story apart from the others, including this astounding statistic:
China had a reported record of $12.8 trillion in mobile payment transactions within a period of 10 months, surpassing the United States, which was at $49.3 billion at the time.
Let’s have a closer look at such five amazing things that happen only in China:
Deemed as one of the greatest achievements of the Middle Kingdom, a crackdo ...