The people of China have been slowly but surely getting more involved in fintech services.
Unlike in the West, where the people have been sticking more to traditional institutions where they believe it’s safer than online companies, the people of China have no issues with trusting online mediums for financial services.
The Chinese are more than happy to get rid of the middle man and the traditional intermediate steps that are typical in financial services.
Through technology being implemented in financial services the masses have access to them too, even with the geographically-remote markets, instead of only the wealthy.
Many feel mobile is the answer as there are almost 1.3 billion mobile phone users in China. The Chinese also have a strong desire to invest over a shorter period of time instead of waiting weeks after meeting with financial advisors.
As China’s economy grows there will be a greater demand of financial services.