Chinese commercial banks are beginning to see how much fintech can benefit them as they increase their spending and start partnerships; China Construction Bank (CCB) is the first big four state owned bank to start their own fintech unit; they follow a handful of commercial banks who started a fintech unit as they try to compete with the big tech giants; most other commercial banks have started to either invest in fintech or partner with firms to develop retail and corporate banking services; “Fintech has quickly transformed the operations and commercial model of the financial sector,” said Zhang Lilin, executive vice president of CCB, to South China Morning Post. Source.
