Chinese most active in adopting Fintech

Updated 2017-08-23 09:00:30 Shanghai Daily

Technology-savvy Chinese consumers are most active in adopting financial technology among 20 major markets, Ernst & Young said in a survey yesterday.

The EY Fintech Adoption Index 2017 found that 69 percent of China's digitally active population have used Fintech in at least one of these areas — payment, wealth management planning, investment, acquiring loans, and insurance.

The global average adoption rate is 33 percent according to the survey based on more than 22,000 online interviews in 20 markets.

Jack Chen, managing partner of financial services of EY China, attributed the strong Fintech traction in China to abundant technology talent, regulatory support for innovation, a large market, and a huge amount of capital ready to invest in the Fintech sector.

"China's mainland is widely known overseas for efficient and fast payment through mobile phones," said Chen. "The adoption rate of mobile payment, the most popular sector of Fintech, is especially high along the east coast." He added that consumers who didn't understand or trust Fintech were gradually converted when they saw the convenience of digital services.

India and the UK followed China's lead with 52 percent and 42 percent Fintech adoption rates respectively.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 23 2018 03:29:58

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 23 2018 03:29:58

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 23 2018 03:29:58

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords