Quo vadis? Fintech in China versus the West
Fintech is transforming the global economy. In a relatively short time Fintech has not only made an impact on the global financial services industry, but it has also changed the way we think about our financial future. China and the West are at very different stages of Fintech maturity. Whilst many Western countries are being disrupted or are reaching the tipping point, China has moved well beyond that point and now represents the largest single Fintech market in the world. In this session, Professor Bonnie Buchanan, Albers School of Business and Economics, Seattle University, examines the factors contributing to the growth of the Chinese Fintech market. These factors include the scale of unmet needs being addressed by dominant technology leaders; ubiquitous internet and mobile penetration; easy access to capital and accommodative regulations. Underserved by the incumbent banking system, Chinese consumers and SMEs are turning to Fintech for access to payments, credit, investments, insurance, and wealth management products. Professor Buchanan also compares the evolution of Fintech in China with three Western markets (US, UK and Sweden). Finally, she examines the history, current status of the Fintech sector (including sources of value and risk) and the outlook for Fintech in these markets.