February 23, 2016
The year 2016 may not be the year of FinTech in China as we have discovered recently. While the government was giving a green financial light to FinTech, it certainly didn’t see the other side of the coin.
China, in particular Hong Kong, have long been one of the world’s premier financial hubs and one of the most forward-thinking markets with the highest innovation adoption rate of 29%. As a leader in fostering a competitive environment, China largely opened up its market for FinTech startups to disrupt the country’s e-commerce giants Baidu, Alibaba and Tencent that took advantage of the sector.
Excited about the opportunities in a massive consumer market, FinTech startups rushed to take a chance in the past few years. In 2016, however, the gov ...