China’s Fintech Market proves Banks Can Be Displaced

China’s fintech market is the biggest and most powerful in the world, especially when it comes to Alipay and WeChat Pay; the biggest lessons we can take from China is financial services is possible without banks; Ant Financial has grown to be the single most powerful fintech force across the globe with a valuation of $150bn; the company has 700 million active users, the world’s largest money market fund and have more recently branched into banking; while there are some key lessons to take from China it is not the perfect example of how fintech can displace banks; each market is unique but what China’s fintech firms has proved is you can provide a full experience without an incumbent relationship. Source.