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Aleksey Мuratov predicts China leadership in financial technologies

According to the report of DBS and Ernst & Young, in the race for the right to lead in the industry of financial technologies China has been ahead of London, New York and Silicon Valley.

As Chairman of the Board of the International Public Movement Change the World Together (CWT) Aleksey Muratov claimed, favorable public policy and investments in the billions of dollars from such technological innovators such as Alibaba, TenCent and Baidu contributed to this. According to the report, 40% of consumers in China use new payment methods (whereas 4% in Singapore), while 35% use services of nonbank fintech companies to obtain access to insurance products compared to 1-2% in many Southeast Asian markets. There is also a growth of fintech services for assets management and credit services.

"Development of fintech ecosystem in China is growing rapidly. Its prosperity is influenced by favorable environment: a strong domestic market, the constant pursuit of innovation, openness to experimentation plus companies’ investments with a worldwide reputation which have unimpeded international influence," Muratov noted.

Besides, he is sure that the tendency of Chinese consumers to cryptocurrency is explained partly by a large presence of the so-called tech-savvy generation of two thousandth which is open to new technologies. The development of fintech industry in the Asia-Pacific region has been accelerated rapidly for the last six years: the volume increased from $ 103 million in 2010 to nearly $ 10.5 billion by the end of September 2016 ($ 6 billion in the US and $ 2 billion in Europe for the same period).

Source: CWT News

  • December 9, 2016 11:52 AM MSK