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The China fintech market size reached approximately USD 76.5 billion in 2023. The market is further projected to grow at a CAGR of 18.3% between 2024 and 2032, reaching a value of USD 347.57 billion by 2032.
Base Year
Historical Year
Forecast Year
Fintech, variously referred to as financial technology, is a technology that enhances or automates financial services and processes. It utilises specialised software and algorithms to help business owners, companies, and consumers manage their finances using a computer or a smartphone. It is typically used to automate insurance, investments, trading, risk management, and banking services among others and can provide insight into finances that are driving the growth of the China fintech industry.
The increasing internet penetration and the rising ownership of smartphones around the globe, along with the rising adoption of cashless currency, are the major factors propelling the China fintech market demand. Companies are also increasingly adopting the latest technologies to improve user-friendliness and propel the demand for fintech solutions among the technology-driven millennials and Gen-Z.
The growth of the China fintech market can be attributed to the increasing government investments to promote financial inclusion, surge digital payments, and ensure the stability of financial service payments. For instance, the United Kingdom government has created a task force to explore digital bank currency to form a more open, greener, and technologically advanced financial services sector. Similarly, South Korea’s regulatory sandbox scheme is aimed at commercialising innovative fintech solutions and promoting competition.
Fintech organisations are increasingly integrating AI to prevent fraud, respond to customers’ queries, and enhance client engagement. There is a surge in the deployment of cloud computing, blockchain, and IoT by fintech companies to maintain sensitive data, reduce transaction costs, and comply with government regulations. Technological advancements and innovations is further driving the China fintech market.
According to the People's Bank of China, in 2023, China recorded 531.087 billion bank card transactions, amounting to USD 153.54 trillion processed nationwide. This marked a 17.51% increase in transaction volume and a 7.23% increase in transaction value compared to the previous year. The rise in transaction volume and value highlights growing consumer trust in digital financial services and their expanding adoption nationwide, thus, driving the China fintech industry revenue.
According to the China Internet Network Information Center, the number of mobile internet users in China increased to 1076.19 million in June 2023 from 1046.59 million in June 2022, marking a growth of 2.8%. Meanwhile, the proportion of mobile internet users has significantly increased to 99.8% in June 2023 while expanding the user base for mobile financial services.
According to the National Bureau of Statistics of China, in Beijing, the local government expenditure on financial regulations has been estimated at USD 3.07 million in 2022. This funding enhances regulatory frameworks, providing a secure and stable environment for fintech operations.
The China fintech market trends and dynamics are being boosted as the number of online shopping users in China has increased to 884.10 million in June 2023 from 840.57 million in June 2022, with a significant growth of 5.2%. The utilisation ratio of online shopping among Internet users also has significantly increased, moving from 80.0% to 82.0% during the same period as reported by the China Internet Network Information Centre.
According to the China Internet Network Information Centre, the number of online payment users in China grew to 943.19 million in June 2023, up from 904.44 million in June 2022. The utilization ratio has increased, rising from 86.0% to 87.5% within the same period. This indicates strong growth in digital payment adoption, fuelled by increased consumer trust and the widespread integration of online payment solutions boosting the China fintech market revenue.
At the end of 2023, China has recorded a 3.26% year-on-year increase in the total number of bankcards issued, reaching 9.787 billion. Debit cards grew by 3.92% to 9.02 billion. The average number of bankcards per capita has been 6.93, with credit cards and debit-credit integrated cards making up 0.54 per capita, according to the People's Bank of China.
Cybersecurity threats and data privacy issues pose significant risks to consumer trust and market stability.
“China Fintech Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Technology
Market Breakup by Application
On-premises is anticipated to account for a significant China fintech market share. This growth can be attributed to the high security, control, and performance optimisation offered by the mode of deployment. On-premises allows the local storage of data offering enhanced control of data, services, and resources.
The low latency and short feedback loop between the employees and on-premises infrastructure supports performance optimisation. On-premises protects sensitive data from leaving the company and is especially helpful for regulatory compliance further boosting the China fintech market demand.
The companies offer services such as international money transfers, foreign exchange, and multi-currency accounts, enabling businesses to streamline financial operations and lower costs related to China transactions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Deployment Mode |
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Breakup by Technology |
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Breakup by Application |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of approximately USD 76.5 billion in 2023.
The China fintech market is assessed to grow at a CAGR of 18.3% between 2024 and 2032.
The market is assessed to witness healthy growth in the forecast period to reach around USD 347.57 billion in 2032.
The major market drivers include increasing utilisation of telemedicine, e-commerce, and e-learning is boosting the requirement for fintech services and rising sophistication of financial software development companies.
The key trends fuelling the growth of the market include increasing adoption of novel technologies by the sector including blockchain, artificial intelligence, cloud computing, augment reality and virtual reality, and machine learning and increasing access to capital.
Based on the applications, the market is divided into banking, insurance, and securities, among others.
Based on the technology, the market is divided into artificial intelligence, application programming interface (API), robotic process automation, and data analytics, among others.
The market's key players Airwallex, ZhongAn Technologies International Group Limited, Beijing Lerong Duoyuan Information Technology Co., Ltd., Shanghai Dianrong Financial Information Services Co., Ltd., Tencent Holdings Ltd., Rong360.com Inc., Lufax Holdings Limited, Mashang Consumer Finance Co., Ltd., ZhongAn Online Property Insurance Co., Ltd., Futu Securities International (Hong Kong) Limited, and OneConnect Technology Co., LTD., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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