Zhang Peng/LightRocket via Getty Images
Mobile payments are widely accepted in China, including at supermarkets.
“However, in other parts of the fintech space, for example access to credit online, credit cards, credit infrastructure or access to insurance, are still under penetrated and have lots of room to grow. That’s why we expect the whole sector to grow double digit, in some sectors maybe high double digit in the next five, ten years to come,” he said.
The market size of China’s fintech industry already exceeded 12 trillion yuan ($1.9 trillion) at the end of 2015, with payments contributing close to 90 percent of that value, according to a report by McKinsey and Company.
The growth potential has fueled the expansion of a number of Chinese fintech companies. Multiple fintech firms, including Rong360’s subsidiary Jianpu Technology, launched initial public offerings in the U.S. over the past year.
“We see more consumers and SMEs need access to credit, they want to buy insurance, they want to better manage their wealth, they want to get their first cars — that’s the biggest driver,” Ye added.
Be the first to comment