Recently, the rapid growth of Internet-based services has had a profound impact on the traditional financial sector. Now, fintech companies are expanding their business scope beyond online payment systems into advanced financial services, from money market funds (MMFs) to lending services, online funds, and Internet-based private banking services. Fintech is a portmanteau that combines the words “financial” and “technology.”</P>China has long been regarded as one of the countries whose financial system was underdeveloped and suffering from a poor institutional system. In recent years, however, the traditional Chinese financial system has been gradually transforming into a cutting-edge system. With the proliferation of the information and communications technology (ICT) ecosystem, the Chinese financial industry has undergone rapid growth, with huge increases in adoption of cutting-edge technology designed to replace offline financial systems. In this new phase, China has become home to some of the largest fintech companies in the world. Moreover, China has a strong presence of fintech startups. Alibaba, which started as an e-commerce company, is now one of the biggest fintech companies in the world. Alibaba is expanding its presence globally, and transforming traditional payment systems ( Kumar, 2014 ). As a result, traditional financial services companies are
Telecommunications Policy – Elsevier
Published: Mar 1, 2016
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