China’s Commercial Banks are Starting to See the Benefits of Fintech

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.