China tops global fintech usage rankings: report

Updated 2017-08-28 09:02:05 Xinhua

China has outperformed India and Britain to top the globe for financial technology (fintech) usage, according to a report by Ernst & Young (EY).

The country's fintech adoption rate came at 69 percent in an EY index that measures users activity in various areas, including money transfer, payments, investments, borrowing and insurance, the highest among 20 major markets around the world.

It was followed by India and Britain, which were gauged at 52 percent and 42 percent, respectively. The global average was 33 percent, more than double that of two years ago.

The accounting firm believes China is leading the world in the widespread application of fintech, with new technological and business models sprouting at an unprecedented pace.

"Efficient and convenient mobile money transfer and payments, especially in coastal areas, have become a new feature of China. They are the most widely-adopted fintech services and have deeply integrated into people's lives," said Jack Chan, EY Greater China's managing partner of financial service.

Chinese users also outshone their overseas peers for using fintech in deposits, investment and wealth management, Chan said.

EY predicted fintech would continue gaining momentum around the globe with the average adoption rate to increase to 52 percent. Emerging markets including South Africa, Mexico and Singapore are expected to pick up pace.

The research was based on more than 22,000 online interviews on "digitally active" consumers who used two or more fintech services in the last six months.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 19 2017 04:17:18

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 19 2017 04:17:18

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 19 2017 04:17:18

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.

Most Watched

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