China Fintech Passed Disruption Tipping Point, Report Says
- Fintech firms may have more clients than banks: Citigroup
- Internet firms taken market share in e-commerce, payments
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Financial-technology companies in China have passed a “tipping point” in disrupting the banking industry owing to their surging number of customers, according to a Citigroup Inc. report released this week.
Chinese fintech firms now have a similar number, if not more, clients as the largest banks, according to the more than 100-page report. The country’s major Internet companies have gained considerable market share in e-commerce and third-party payments, and were faster than lenders in offering alternatives to traditional payment methods, Citigroup said.