China Fintech Market Size

Statistics for the 2023 & 2024 China Fintech market size, created by Mordor Intelligence™ Industry Reports. China Fintech size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of China Fintech Industry

China Fintech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 18.05 %
Market Concentration Medium

Major Players

China Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

China Fintech Market Analysis

China Fintech Market has generated a revenue of USD 85 Billion in the current year and is poised to achieve a CAGR of 18.05% for the forecast period. Payment platforms, which largely derive their user base from thriving e-commerce and social media platforms, by far dominate the fintech space in China. Digital payment is the leading market segment in terms of transaction values. The technologies used or fintech solutions offered in China are not something unique but a more successful adaptation compared to other countries. China has now publicly voiced its desire to be the leading country in financial technology development and adoption. After a few fraudulent practices in fintech, especially in marketplace lending, regulations started becoming more stringent. China's economy is largely cashless, and it has the highest penetration rate of fintech services among major economies, at 87%.

Almost half the world's digital payments were made in China through apps, such as Alipay (owned by Ant Financial, an affiliate of e-commerce juggernaut Alibaba) and WeChat (owned by Tencent Holdings). Digitally savvy Chinese consumers, who have few reservations about sharing personal information, are ready to embrace FinTech offerings, creating opportunities for FinTech firms and incumbents willing to take on digital transformation. These opportunities will come initially from the under-banked or unbanked populations of small and medium enterprises (SMEs) and consumers with unmet needs. FinTech firms are also targeting the maturing demands of the burgeoning middle class for wealth management, insurance, and private banking.

As a result of the unprecedented impact of the COVID-19 pandemic, numerous industries, including FinTech and markets around the world, were forced to either shut operations or start re-strategizing. The interaction between FinTechs and NBFCs/MFIs accelerated, customer outreach expanded, while partnerships for digitalization, credit underwriting, and loan collections came into being. The COVID-19 pandemic accelerated digital technology adoption in the financial sector and the role of financial technology (fintech) firms in supporting households and businesses during the crisis and beyond.

China Fintech Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)