A senior executive from Chinese tech giant Tencent forecasts that cloud computing will be a key area of development for China’s fintech sector over the next several years.
Hu Liming (胡利明), vice-president of Tencent Cloud and general manager of Tencent Financial Cloud, said that Tencent expects the cloud to become required infrastructure for Chinese financial institutions in the near-future
According to Tencent’s initial estimates the financial cloud market in China stood at around 21.3 billion yuan (approx. USD$3.29 billion) in 2020, while Hu forecasts that this figure will expand to 80 billion yuan (approx. $12.34 billion) within the next several years.
Hu made the remarks just following the release of the “Future Finance White Paper” (未来金融白皮书) by Tencent Cloud in conjunction with the Tencent Financial Research Institute in Shenzhen.
Mordor Intelligence recently valued the global finance cloud market at $22.17 billion in 2019, and forecasts that it will increase to $80.53 billion by 2025, for CAGR of 22.3%.