What you need to know: In a November 2016 report “The Rise of Fintech in China”, Ernst & Young and Singaporean bank DBS reported that China outpaced London and New York as a top financial tech hub worldwide. About 40% of the banking and financial services customers made digital remittances in 2016, outpacing India, Singapore, Indonesia, Thailand, and Malaysia. By 2020, China will implement a system that will assign a credit score on each business and citizen based on their online purchases, behavior, and other financial history.
Why this is important: Asian countries can take advantage of China’s fintech innovation because the conditions are almost the same. China will find it easier to expand in Asia than into the western world as there is less competition there
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