Fintech companies remain confident in their growth

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HelloRF

Despite the economic downturn and the impact of the COVID-19 pandemic, Chinese fintech companies are optimistic about the industry’s future development.

According to a joint study conducted by the accounting firm KPMG and the National Internet Finance Association of China, the average confidence index of players in the sector remained stable at 82 compared to last year.

The global digital transformation of the financial sector has deepened in 2022 with the implementation of a series of policy measures, with securities houses and asset managers leading the way, said Jacky Zou, vice president of KPMG China.

Meanwhile, more than 40% of fintech companies surveyed said they had expanded or planned to expand their business to Southeast Asian countries, an emerging hotspot in recent years, according to the study.

In addition, cooperation between financial institutions and fintech service providers has become more mature and standardized, but concerns over data security and privacy protection are cited as the most difficult challenges for future collaborations.

In terms of funding, private equity and venture capital remain the most active investors in fintech, while investments from financial institutions and internet companies are increasing.

Fintech is a catch-all term for new technologies that aim to improve the delivery, customer experience and use of financial services.

Mobile payments, digital banking, online insurance and smart investment advice are all frequently discussed topics in the industry.

The People’s Bank of China, the country’s central bank, released a fintech development plan for 2022 to 2025 earlier this year, urging all parties to improve coordination and step up efforts to strengthen technology governance. finance and build data capacity.

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