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China is driving global innovation in the fintech industry, according to a new list of the world’s leading fintech innovators. The list, which is released yearly, is a collaboration between European auditor and professional services firm KPMG and Australian fintech VC H2 Ventures. This year, Chinese companies grabbed four of the top five spots, including numbers one and two.
Coming in at number one was Alibaba’s e-payments spinoff Alipay, which operates a large number of fintech products including wealth management, online banking, and its own credit scoring system, among other things. At number two is student-focused microloan site Qudian, which offers a variety of financing options to China’s consumers, many of whom don’t have credit cards. Number four is Lufax, an online lending and wealth management platform that also offers big-data consulting and analysis services. Number five on the list is China’s internet insurance company Zhong’an. Ecommerce firm JD’s fintech arm JD Finance nabbed the number ten spot.
The United States still beat out China in terms of total companies, with 23 American companies making the list, which includes an overall ranking of the top 50 most innovative fintech companies as well as a list of 50 “rising stars.” But it was a Chinese firm that nabbed the top spot for the second year running (Zhongan topped last year’s list).
According to KPMG and H2 Ventures, the list is compiled by ranking global fintech companies according to total capital raised, rate of capital raising, location, and degree of industry disruption as judged by a panel of experts who assess each company’s services.
This post China dominates new list of global fintech innovators appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/china-dominates-list-global-fintech-innovators
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