Online-only banks such as WeBank, backed by Tencent Holdings, are using fintech capabilities to service borrowers who had previously been underserved by banks. Photo: SCMP

Chinese bankers say lack of fintech investments is a ‘major drag’ on competitiveness

  • Bankers dissatisfied with existing IT level at Chinese banks at three-year high, a survey by PwC and China Banking Association shows
  • Findings show Chinese banks’ increased focus on fintech investment, as race in internet and virtual banking intensifies
Topic |   Banking & Finance

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Online-only banks such as WeBank, backed by Tencent Holdings, are using fintech capabilities to service borrowers who had previously been underserved by banks. Photo: SCMP
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A staff member wearing a uniform featuring the logo for Ant Financial Services Group's Alipay, an affiliate of Alibaba Group Holding, during a campaign event in Tokyo on December 9, 2017. Photo: Bloomberg

China drove fintech funding globally in 2018 despite rising tensions with US, report says

  • Global investment in financial technology companies more than doubled to US$55.3 billion last year
  • The largest fintech investment in 2018 was a US$14 billion fundraising by Ant Financial Services
Topic |   Fintech

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A staff member wearing a uniform featuring the logo for Ant Financial Services Group's Alipay, an affiliate of Alibaba Group Holding, during a campaign event in Tokyo on December 9, 2017. Photo: Bloomberg
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