What you need to know: The fintech industry in China has experienced spectacular growth over the past years. Millions of consumers shifted to more efficient and better alternatives from traditional banking systems. Chinese industries collaborated to hasten the growth of the Chinese market. Large corporations, conglomerates, and high profile investors view China’s fintech industry as a smart investment. A consortium of state-owned companies was created so that every company within its fintech industry had sufficient resources and capital.
Why this is important: China is the pioneer in fintech, and a global leader in the blockchain and fintech markets. Looking at what the companies are building over there provides a glimpse of the near future for the rest of the world. Looking at how this was established can act as an inspiration for policy makers
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