China’s fintech industry will see double-digit percentage growth for the next five to ten years, according to Rong360 co-founder and chair David ye.
In an interview with CNBC at the sidelines of the Boao Forum for Asia, Ye said that China has already taken the lead in the fintech payments sector, and retains massive potential for growth in other areas.
“China has been leading in some fintech space such as payments,” said Ye. ” China is way head of other leading countries in payments with 60 or 70% of penetration.”
“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.”
Chinese consumers have emerged as some of the world’s most avid adopters of fintech.
A 2017 report by Ernst & Young found that that 69% of China’s digitally active consumers make use of fintech services, as compared to a figure of 33% for the US, while a report by McKinsey and Company estimated that the Chinese fintech market exceeded 12 trillion yuan (approx. $1.9 trillion) as of the end of 2015.