FinTech Boom: China Going Cashless, Consumers Ditching Banks
China, the largest fintech sector according to the International Trade Administration (ITA), is going cashless. Consumers are moving away from traditional banking systems to more efficient and user-friendly financial technologies. KPMG, one of the Big Four auditors with over $25 bln in annual revenue, recently released its Fintech 100 list which represents the largest and most profitable companies within the global fintech market across all categories. China’s Ant Financial and Qudian topped the list, claiming the first and second in rankings respectively. Lufax, ZhongAn and JD Finance....
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Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay. To cope with the rapid growth rate of its FinTech industry, Chinese state-owned companies launched a $1.5 bln fund to support emerging FinTech startups and technologies. The consortium of Chinese state-owned companies which includes Hong Kong-listed Credit China FinTech Holdings, Shanghai Xinhua Distribution Group, China Huarong International and 8 other major organizations in the mainland, established a fund known as “Asia FinTech Merger and Acquisition....
Secondly, putting banks in full control of our society's money is the last thing anyone should want. Banks already hold a lot of control over our funds, and they are the very reason why the recent financial crisis took place to begin with. With all of the recent talk about a cashless society, the question inevitably turns to the role of Bitcoin and other digital currencies. Some people would like to see more anonymity in Bitcoin, especially when considering how going cashless would give banks and governments a complete overview of how consumers spend their funds. Although some people might....
Understanding the concept of FinTech and its importance to the entire world is just the first step along the way. For businesses, innovations in the FinTech world will change the way they do business forever. From a consumer point of view, new and innovative payment methods are being introduced now and then, most of which still rely on traditional financial infrastructure. In fact, consumers might be the biggest benefactors of FinTech innovation. Everyday consumers want access to quick, convenient, and widely-accepted payment methods. Over the past few years, more and more countries have....
The topic of creating a cashless society has been kicked around a few times in recent years, but the major mind shift has not happened just yet. Some industry experts are even wondering whether or not a cashless ecosystem is realistic or not. With so many electronics payments – and digital currencies such as Bitcoin – at the consumer’s disposal, it seems to be a matter of time. There is no denying consumers are slowly gravitating to a world in which cash transactions are becoming less frequent. Even though there is a personal aspect to cash transactions around the world, a lot of consumers....
Even though Bitcoin can do a lot of good for the unbanked and underbanked nations of the world, there has been a fair amount of opposition from banks and consumers, most notably in Africa. But even local banks in that region – including Barclays – have to acknowledge the coming change, as they are now putting all of their eggs in the baskets of FinTech and Bitcoin If you can’t beat them, join them, seems to be a very appropriate saying in this regard. A Different Opinion on FinTech and Bitcoin. It has taken African banks quite some time, but they are starting to see how the continent could....