The CEO of one of China’s up-and-coming artificial intelligence firms is highly optimistic about the future prospects of the domestic fintech market.
Zheng Bo (郑博), CEO and founder of Squirrel Hill Technology (松鼠山科技), said to 21st Century Business Herald that big data and artificial intelligence are helping financial institutions such as banks, insurers and securities firms to raise efficiency and overcoming traditional hurdles.
Artificial intelligence in particular is capable of playing a critical role across a slew of operations including customer service, financial transactions and risk control.
“The credit assessment and risk control operations of commercial banks are becoming increasingly strict, which is creating a huge market for fintech,” said Zheng.
“Calculations based on current data indicate that the risk control market could be as high as 400 – 500 billion yuan, while the fintech market is between 200 – 300 billion yuan.
“With regard the artificial intelligence sphere, [the market] is at least 30 – 40 billion yuan per year, with annual compound growth of over 20%.”
Established in 2014, Squirrel Hill Technology is a provider of big data and artificial intelligence-related tech services to the banks, insurers and investment funds.
According to domestic media reports Squirrel Hill recently completed pre-A round financing worth several dozen billion yuan, with Beijing-based venture fund N5Capital serving as sole investor.