Fintech offers huge potential

Source: Xinhua | 2017-02-15

CHINA’S direct investment in fintech sectors in 2016 tripled from the previous year to 6.5 billion pounds (US$8.1 billion), pointing to a huge market potential in new technologies in online finance, blockchain and other applications, EY said in a report yesterday.

China’s 6.5-billion-pound investment in fintech outperformed the rest of the world as the domestic market offered more than 750 large state-owned investment funds and an active initial public offering sector, the report said.

The UK plans to strengthen cooperation with China, especially Shanghai as one of the international financial centers, on fintech covering new business models and cross-border investment to establish a “UK-China Fintech Bridge,” said John Edwards, British consul-general in Shanghai.