After launching 4 years ago two of China’s online banks, MYBank and WeBank, are struggling to make a big impact on China’s financial system; the banks are struggling to grow deposits and have combined assets that are equal to just 1 percent of Industrial and Commercial Bank of China (ICBC); the news is not all bad as they have helped to make an impact on bank technology by starting to work with some of China’s traditional lenders to improve the lending experience; the government has taken a heavy hand to fintech over the last 18 months which has helped to slow the progress of online banks; China’s fintech firms are in a precarious position as they work to be more transparent with government but grow enough to make a sustainable business. Source.
