Chinese banks and insurers gave a major boost to their tech investments in 2020 despite the economic impacts of the COVID-19 pandemic.
Chinese banking sector financial institutions made tech investments of 207.8 billion yuan (approx. USD$32.11) in 2020, for an increase of 20% compared to the previous year, according to data made public by the China Banking and Insurance Regulatory Commission (CBIRC) at a press conference held on 2 March.
Insurance sector institutions made total tech investments of 35.1 billion yuan, for a YoY rise of 27%