China is one of the massive forces in global innovation. As Renminbi gains strength and the startup community in the country produces internationally powerful players, it becomes clear that China takes a very special place in the global FinTech arena.
One of the vehicles that allowed China to go far and beyond in the development of disruptive technology is the rate of mobile adoption. In fact, around 675 million people in China use smartphones with 40% of smartphone users making mobile payments.
According to the report on digital disruption by Citi, published this March, China’s e-commerce ecosystem is now larger than any other country in the world in terms of transaction volume. Moreover, China’s top FinTech companies (Alipay, Tencent and others) often have as many, if not more, clients than the top banks.
