Defined as the application of new technologies to financial services, “fintech” is a shortcut for the term “financial technology” that comprises various aspects. Conventional examples of fintech applications include mobile banking, peer-to-peer lending, crowdfunding, robo-advisors, cryptocurrency, and the like. In China, one particularly important application of fintech lies in financial inclusion, so this chapter will primarily focus on this field. Owing to many technological advances, especially the use of smartphones, tech giants such as Tencent and Ant Financial have provided hundreds of millions of consumers with convenient and smart payment methods as well as innovative savings and loan products. These emerging fintech businesses are also reshaping the way Chinese consumers pay, borrow, and invest, thereby generating new revenue and profits.
|Title of host publication||The Handbook of China's Financial system|
|Editors||Marlene Amstad, Guofeng Sun, Wei Xiong|
|Place of Publication||Princeton, New Jersey|
|Publisher||Princeton University Press|
|Number of pages||30|
|Publication status||Published - 2020|