The fintech industry is maturing with newer products and offerings, a lot of which will be on display at the fifth World Internet Conference to be held in the Chinese city of Wuzhen in the Zhejiang province. The regulatory landscape is clearer now thanks to policy adjustments over several rounds. JD Finance and Ant Financial Services Group are the major fintech players in China. These two companies finished top two in the Fintech 100 report submitted by management consulting industry leader KPMG. The industry has grown at over fifty percent since 2013. Services are being reshaped by the use of smarter tech. Risk management is a field where several new applications are being applied using technologies such as AI and blockchain. Use of such technology is even enabling a more inclusive model of finance. Alipay for example has been able to offer more than 300 collateral-free loan services to its rural customers using big data facility. SMEs are also being benefited out of this.

Source:http://www.chinadaily.com.cn/a/201811/07/WS5be25b2da310eff303287227.html

Uploaded Date:12 November 2018