3 FinTech Leaders in China to Watch in 2023

By Leandra Monteiro

FinTech companies in China act as a support layer in the financial industry by making use of new technologies, such as AI, blockchain, cloud computing, big data (ABCD) and the Internet of Things (IoT). Over the past few years, China has been a frontrunner in the FinTech industry.

The FinTech boom in the country has been largely driven by the absence of strong traditional banking services, the unmet financial needs of ordinary people and small and micro-enterprises, and the huge number of Chinese citizens using the internet.

Moreover, Chinese consumers have readily adopted FinTech facilities such as online banking, digital currencies, money transfers, payments, crowdfunding, lending, investments and insurance. Here are 3 FinTechs in China to keep an eye on:

Ant Financial: Ant Financial Services Group is affiliated with the Chinese e-commerce giant Alibaba Group. It is among the highest valued FinTech companies in the world. The FinTech company uses technologies including blockchain, artificial intelligence (AI), security, Internet-of-Things (IoT) and computing, to provide financial services to many and most especially the unbanked and underbanked population in China.

At the end of March 2018, according to the company together with its JV partners, Ant Financial served 870 million users worldwide. Brands under Ant Financial include Alipay, Ant Fortune, Yu’e Bao, Zhima Credit, MYbank and Ant Financial Cloud.

Ping An Technology: Ping An Technology is the main technology branch of Ping An Group. The company develops and operates platforms and services that support the main group’s insurance, banking, investment and internet businesses.

Established in 2008, Ping An Technology has designed a cloud ecosystem in finance, healthcare, education, security, agriculture, entertainment and government. Ping An Technology was an in-house provider of information technology services to firms within the Ping An Insurance group. Lufax and One Connect are the two FinTech wings of PingAn Group. Lufax is the star incubation project of PingAn, worth over CNY 270 billion.

Tencent: Generally considered to be the arch-rivals of Alibaba Group and its affiliate company Ant Financial, Tencent’s track record in the FinTech industry is certainly one to be reckoned with.

Among the company’s list of accolades is the launch of China’s first online bank, WeBank, which offers wealth management and financing services. In November 2018, according to the company, WeBank achieved a valuation of $21 billion. Its well-known apps include WeChat Pay which is a direct competition to Alibaba’s Alipay.

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