Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    Nation's fintech companies expand their reach

    By YANG HAN in Hong Kong | China Daily | Updated: 2020-06-15 09:21
    Share
    Share - WeChat
    A customer uses digital payment at a food stand in Vientiane, capital of Laos. [Photo/Xinhua]

    Wave of opportunities awaits across Asia

    The rise of Chinese financial technology companies as major market players in Asia is playing a significant role in shaping the regional fintech ecosystem.

    "Chinese fintech companies have been expanding overseas," said Joe Ngai, senior partner at consultants McKinsey & Co, noting the country's increasing influence in the sector.

    For example, in 2016, Ant Financial, the fintech arm of e-commerce giant Alibaba, announced globalization as a key strategy for the next decade. Alipay, the mobile payment service of Alibaba, now has more than 1.2 billion users worldwide, with partners spanning the region-from TrueMoney in Thailand to DaraPay in Cambodia and Paytm in India.

    The impact of such collaboration can also be seen in the rapid growth of Ant Financial's partners. After receiving investment from the Chinese payment operator in 2015, the number of Paytm users rose from less than 30 million to more than 300 million in 2018, according to market research company EO Intelligence, based in Beijing.

    As a result, Paytm became the world's third-largest digital wallet, surpassing PayPal to occupy a position below Alipay and WeChat Pay, the mobile payment service of Chinese internet giant Tencent.

    Ngai said global expansion by mobile payment service providers such as Alipay will allow local customers to use their digital wallets overseas, and vice versa. Overseas expansion is a logical step as domestic customer growth will inevitably slow, he added.

    "Where there are already established players in local markets, acquisitions and partnerships have sometimes been the business model of choice," said Ngai, who is also managing partner of McKinsey Greater China Offices.

    Expansion is facilitated by exporting financial technologies to market players in other regions, Ngai said. He cited examples such as leading insurer Ping An, which provides fintech solutions through a business-to-business model.

    As of March last year, OneConnect, Ping An's fintech arm, was serving more than 3,300 financial institutions, according to the company, which started expanding globally in 2018 in Southeast Asian nations, including Singapore, Indonesia, the Philippines and Thailand.

    Many Asian financial institutions are adopting fintech solutions, such as facial recognition for KYC (know your client), which have been proven and tested in a large market such as China's, Ngai said.

    Mobile payment transactions in China expanded at a compound annual growth rate of 123 percent from 2013 to 2018, exceeding 300 billion transactions in the latter year, according to McKinsey's 2019 Global Payment Report.

    In the 2019 Fintech100 report by global accountants KPMG and venture capital company H2 Ventures, three Chinese fintech companies ranked among the top 10: Ant Financial, JD Digits and Baidu's Du Xiaoman Financial.

    The report said four other Asian fintech companies made the top 100 list-Paytm, and ride-hailing platforms Grab in Singapore, Gojek in Indonesia and Ola in India. All four companies received capital from Chinese investors, including Alibaba, JD, Tencent and Ping An Capital, a Ping An Insurance investment platform.

    1 2 3 4 Next   >>|
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    国产色爽免费无码视频| 中文字字幕在线中文乱码不卡| 亚洲AV无码乱码在线观看性色扶| 一级中文字幕免费乱码专区| 无码人妻AⅤ一区二区三区水密桃| 夜夜添无码试看一区二区三区| а中文在线天堂| 中文字幕无码久久人妻| 免费无码毛片一区二区APP| 免费无码又爽又刺激网站直播| 中文字幕成人精品久久不卡| 人妻丰满熟妇A v无码区不卡| 性无码一区二区三区在线观看| 中文字幕一区二区免费| 色综合久久中文色婷婷| 亚洲欧美日韩中文在线制服| 国产高清无码毛片| 狠狠躁狠狠躁东京热无码专区| 亚洲AV无码久久精品蜜桃| 伊人久久精品无码av一区| 一本本月无码-| 国产色综合久久无码有码| 中文字幕无码久久久| 亚洲福利中文字幕在线网址| 日本一区二区三区中文字幕| yellow中文字幕久久网| 最近免费中文字幕高清大全 | 中文精品99久久国产 | 7国产欧美日韩综合天堂中文久久久久| 中文字幕乱妇无码AV在线| 中文字幕乱偷无码AV先锋| 亚洲AV中文无码字幕色三| 亚洲最大激情中文字幕| 天堂中文在线资源| 久久亚洲精品无码aⅴ大香| 伊人久久精品无码二区麻豆| 亚洲AV无码乱码在线观看富二代| 熟妇无码乱子成人精品| 国产亚洲人成无码网在线观看| 成人毛片无码一区二区三区| 亚洲国产综合无码一区二区二三区|