"Unmatched" is how this study from DBS and Ernst & Young describes the speed, sophistication and scale of the development of the FinTech ecosystem in China, compared to other more established markets.
Here's one example to blow your mind!
During Chinese New Year last year , US$32 billion digital red envelops or 紅包 (Hong Bao) were sent via WeChat, a much more sophisticated and multifunctional WhatsApp-like app in China.
This figure was six times of PayPal's annual transactions for 2015.
With such a vibrant and promising Fintech Market ecosystem in Asia, we are certain that any professionals with both technical skills and business insights will thrive.
Here's to a cash-free future!
With four of the industry’s largest companies (and probably the top dog in Ant Financial) China has quietly become the global leader in the fintech industry. Plus, if we are going to include a company like WeChat — who is not expressly a fintech company but certainly excels in financial-based functions — it becomes hard to argue than any country has a more vibrant ecosystem than China’s.