ExplosiveGrowthofFinTechOpportunitiestoScaleCurrentandFutureLandscapeTheRiseofFinTechinChinaRedefiningFinancialServicesACOLLABORATIVEREPORTBYDBSANDEYNOVEMBER2016THERISEOFFINTECHINCHINA02Producedby:AsianInsightsOfficeDBSGroupResearchCo-Author:SachinMittalSeniorVicePresidentGlobalHeadforTechnology,Media&TelecommunicationsGroupResearchDBSBankWithcontributionsby:NealCrossManagingDirectorChiefInnovationOfficerDBSInnovationGroupDBSBankRobFindlaySeniorVicePresidentExperienceDesignDBSBank;Founder,NextMoneyChienYenGohSeniorVicePresidentAsianInsightsOfficeGroupResearchDBSBankDanielFooAnalystGroupResearchDBSBankCo-Author:JamesLloydAsia-PacificFinTechLeaderEYWithcontributionsby:JanBellensGlobalEmergingMarketsandAsia-PacificBanking&CapitalMarketsLeaderEYDavidWWuExecutiveDirectorFinancialServiceRiskTransformationandInnovationEYLi-MayChew,CFAAssociateDirectorandBCMAnalystAsia-PacificBankingandCapitalMarketsEYMarcEntwistleSeniorManagerAsia-PacificFintechEYTHERISEOFFINTECHINCHINA03ForewordExecutiveSummaryIntroductionKeyDriversofFinTechinChinaUnmetFinancialNeedsUbiquitousConnectivityE-commercewithChineseCharacteristicsInternetGiantsDrivingInnovationFinTechReadyKeyTrendsinFinTechFromCompetitiontoCollaborationIncreasingRegulatoryFocusOpeningUp?MoreFormalisedFundingValueChainParticipationBeyondPayments:FinTechForaysInsuranceWealthmanagement(WM)BlockchainDigitisingCreditScoringChineseFinTechGoingGlobalCastingaWideNetChallengeswithInternationalisingHowtoEnterChina04060912233137TheRiseofFinTechinChinaRedefiningFinancialServicesWhileLondon,NewYorkandSiliconValley,competetopositionthemselvesastheworld’s‘FinTechhub’,ChinahasleapfroggedaheadtobecometheundoubtedcentreofglobalFinTechinnovationandadoption–thankstodevelopmentsacrossmultiplehubs,suchasShanghai,Hangzhou,Beijing,andShenzhen.Thespeed,sophistication,andscaleofdevelopmentofChina’sFinTechecosystemhavebeenatalevelunmatchedinmoreestablishedmarkets.AsbanksandfinancialservicesinstitutionsintheWestlookatwaystoincrementallyinnovate,Chi...
