Frontiers Market Series: China’s ‘golden age’ of digital finance
The scale and pace of the economic growth of modern China is unprecedented. So too is the scale and pace of digital financial services in China. In 2000, four large state owned banks dominated the Chinese banking system. They were all heading towards commercialization and listing, and are among world’s largest banks today. These and other Chinese banks were then at the early stages of rolling out card-based retail banking channels. However, within little more than a decade, Findex found that close to 80% of Chinese adults had bank accounts, almost all card linked; and the government estimated that 95% of Chinese countries had a financial access point.
On top of this banking rollout, or more the point, over the top, Chinese internet players Alibaba and Tencent launched internet payment services called Alipay and TencentPay from 2011 onwards. Other digital products in wealth management, credit and insurance have followed. Customized for a smartphone experience, these services have seen rapid adoption such that by 2016, Alipay alone reported over 400 million registered customers, with over 100 million active on a daily basis.
Collectively, the Chinese internet finance providers have seen the largest and fastest scale up of digital financial services ever seen. What has led to such growth and is it sustainable?
What are the intended outcomes?
On completion of this course, students would be able to answer these questions:
1. Who are the main DFS players in China and what are their business models?
2. What are the distinctive features of the Chinese financial consumer?
3. How have Chinese financial authorities contributed to this development?
4. What is distinctive about China’s digital financial services market?
The course will seek in particular to discover how and why Chinese DFS has developed so fast; and what lessons may be derived from this for other countries.
Registration deadline is 19 June 2017
|Organizer||Digital Frontiers Institute|
|Related Region / Country||Global, Asia / China|
Course information -
|Keywords||digital finance, digital financial services|