Fintech development

Bohui Zhang

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

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.
Original languageEnglish
Title of host publicationThe Handbook of China's Financial system
EditorsMarlene Amstad, Guofeng Sun, Wei Xiong
Place of PublicationPrinceton, New Jersey
PublisherPrinceton University Press
Chapter17
Pages447-476
Number of pages30
ISBN (Electronic)9780691205847
ISBN (Print)9780691205731
DOIs
Publication statusPublished - 2020
Externally publishedYes

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