With a large population, rapid urbanization and Chinese class knowing technology, China has become a hot spot for innovation and application of Fintech - financial technology.

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Fintech has become extremely popular in China, completely changing the face of financial services.

The rise of Fintech in China is largely due to the trend of widely applied mobile payment platforms.

Instead of relying on traditional payment methods such as credit cards, Chinese consumers consider mobile payment as 'an indispensable part' in daily life.

Just scan the QR code with a smartphone, consumers can pay everything conveniently, from buying goods at the grocery store to transport.

The popularity of mobile payment is actually quite unexpectedly due to the shortage of credit card infrastructure in China.

Instead of following the usual roadmap, China has decided to make a direct leap to mobile payment, creating conditions for Fintech companies to affirm its position in the market.

As a result, these companies have expanded outside the field of payment, providing a variety of financial services extremely diverse.

Notably, online lending platforms have emerged as a source of credit capital instead of individuals and small businesses.

By taking advantage of big data and artificial intelligence (AI), these platforms can assess the reliability of borrowers based on social scales and provide loans with competitive interest rates, supporting people who have difficulty accessing loans from traditional banks.

In addition, online asset management platforms have attracted the notice of Chinese investors looking for alternative investment options.

These platforms provide countless personalized investment and investment consultancy products and investment records with appropriate risk levels, helping investors better control their portfolio.

Despite Fintech's explosion in China, this field will still have to solve many challenges.

Concerns around fraud and data violations have motivated Chinese regulators to implement more closely data protection and network security regulations to protect personal and financial information.

Moreover, the dominance of some technology giants in the context of Fintech is raising concerns about the monopoly and competitiveness of the market.

The regulatory agencies have reacted by providing measures to promote a more comprehensive environment, encouraging innovation and maintaining healthy competition.

Fintech's comprehensive and future assessment in China seems to be promising.

The unique combination of China between technology knowledge, advanced technology infrastructure and strong innovation ecosystem has led the country in the Fintech revolution.

In addition, breakthrough factors are constantly appearing, typically the extensive popularity of the Internet, the increasing demand of consumers for the Government's financial services and supportive measures on innovation, expected to promote further growth in the industry.

China's Fintech Revolution not only rescheduled the field of domestic financial services, but also affected the global economic context, creating a favorable precedent for other countries to approach and manage its financial sector in the coming years.

(According to Mondaq)

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