Note from the CEO: ????1, ????1 That means “we number 1” in Chinese. Yeah, no surprise (not that we speak Chinese….we don’t) that China is number 1 in world fintech rankings since they have a whole lot of people. Really smart people too. It’s that they make it a priority. No easy electives like basket weaving 101.
London, New York and Silicon Valley are in the back seat compared to China in a report by DBS and Ernst & Young. China is the world’s undisputed fintech leader with much of it due to very favorable government regulation and directed polices. Can the rest of the world catch up?
"China has outpaced London, New York and Silicon Valley to become the world's undisputed global fintech leader, according to a report by DBS and Ernst & Young.
Neal Cross, DBS chief innovation officer, says favorable government policies and regulations have contributed to the growth of a thriving fintech ecosystem, powered by billion dollar tech innovators such as Alibaba, TenCent and Baidu.
'The speed at which China’s fintech landscape has developed is truly remarkable,' he says. "It’s gotten this far because China’s landscape has operated in a sandbox-like environment conducive for FinTech to thrive — a strong domestic market, coupled with a constant push for innovation and experimentation driven by leading giants, unhindered by international influence.”
Chinese consumers’ propensity toward digital adoption is also seen as a key driver behind the country’s fintech boom, featuring a disproportionately large presence of tech-savvy millennials who are open to new technologies."
Source: Finextra