China’s fintech companies are exporting AI and big data to Asia’s ‘laggard’ banking markets
China’s fintech firms are looking towards Indonesia and other Southeast Asian markets which lag behind the curve when it comes to know-how in digital finance
In the past decade “going global” often described the ambition of Chinese bricks-and-mortar enterprises to expand overseas. Today, Chinese fintech companies say “going global” has also become their top priority.
Chinese fintech companies have made headway in expanding their business to Southeast Asian markets, as they increasingly find their know-how in big data and artificial intelligence being sought after by Asian financial institutions in risk management and compliance.
Online consumer finance platform Weshare, which offers consumer loans through its mobile app, says it is applying for a P2P licence from Indonesia’s central bank.
Zhang Jinghua, founder and chief executive of Weshare, said non-bank financial institutions and e-commerce groups in China have already developed a wealth of data on borrowers, whereas in Indonesia such data remains patchy.
Weshare is 48 per cent-owned by Credit China FinTech Holdings, a Hong Kong-listed company.
“This is where Chinese fintech companies can export their capabilities in Southeast Asian markets, such as using artificial intelligence in areas such as anti-fraud and credit investigation,” Zhang said at a panel discussion at the Caixin Summit held in Hong Kong on Friday.
Weshare has more than 200 staff in its overseas operations in Vietnam and the Philippines, and will soon hire more staff in Russia and Tajikistan, Zhang said.