A leading Beijing think tank has identified ten key trends for China’s fintech sector.
The Zhongguancun Internet Finance Institute (中关村互联网金融研究院) recently released its “2019 China Fintech and Digital Financial Inclusion Report” (2019年中国金融科技与数字普惠金融发展报告).
The report highlights a total of ten key trends for China’s fintech sector in future, pointing in particular to the de-financialization of the country’s big Internet companies, and the maturation of China’s own version of the fintech regulatory sandbox.
Ten Key Trends for China’s Fintech Sector According to the “2019 China Fintech and Digital Financial Inclusion Report”
- China’s fintech sector will see the basic formation of a “two stabilities” (双稳) structure, with the traits of stable development and ample stamina already apparent.
- Improvements to China’s digital financial inclusion ecosystem.
- Acceleration of integration of base-level fintech.
- A new round of growth in the blockchain sector.
- Biometric technology playing a greater role in financial security.
- Exploration and more pluralised implementation of the establishment of an open banking system.
- Broader implementation of a “Zhong Tai” (中台) strategy.
- The trend of de-financialization of internet companies will become more pronounced.
- The guiding role of regtech will strengthen.
- The gradual maturation of a Chinese-Style regulatory sandbox model.