{"id":13494,"date":"2019-08-19T21:16:35","date_gmt":"2019-08-19T21:16:35","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13494"},"modified":"2019-08-19T21:16:35","modified_gmt":"2019-08-19T21:16:35","slug":"china-s-techfin-giants","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/china-s-techfin-giants\/","title":{"rendered":"China\u2019s TechFin giants"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Chinese tech firms are moving into the banking sector in a much different way then their Western counterparts. Whereas Western BigTechs like Amazon and Google seem content in serving financial institutions with cloud features and advertising, Chinese ones like Tencent and Alibaba seem far more interested in competing with financial institutions. For example, Tencent\u2019s WeBank was China\u2019s first private digital-only bank, one that made a net profit of USD 210 million with a return-on-equity of 19.2% in 2017, just its 2<\/span><span style=\"font-weight: 400;\">nd<\/span><span style=\"font-weight: 400;\"> year of operation. In fact, a recent stake sale of the bank valued it at USD 21 billion, making it one of the world\u2019s largest \u201cunicorn\u201d companies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, Alibaba\u2019s Ant Financial offers a number of products and services, including: Alipay, the largest mobile wallet in the world; Yue\u2019Bao, the largest money market fund in the world; MYBank, an online lender for small businesses; Ant Fortune, a wealth management service; and Zhao Cai Bao, an investment marketplace. 6 months ago, they also launched a new health insurance service that has gained 50 million customers already and aims for 300 million within its first two years of operations. Ant Financial was valued at USD 150 billion in 2018, making it the 10<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> largest financial firm in the world in only its 5<\/span><span style=\"font-weight: 400;\">th<\/span><span style=\"font-weight: 400;\"> year of operation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There might not be the massive global change in banking that some soothsayers have been predicting, but there is likely to be one in China as tech companies rewrite how consumers interact with everything financial.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13494 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='OCBC Bank in Singapore introduces artificial intelligence-powered HR mobile app'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/ocbc-bank-in-singapore-introduces-artificial-intelligence-powered-hr-mobile-app\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/OCBC-Bank-in-Singapore-introduces-artificial-intelligence-powered-HR-mobile-app-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7028\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/OCBC-Bank-in-Singapore-introduces-artificial-intelligence-powered-HR-mobile-app-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/OCBC-Bank-in-Singapore-introduces-artificial-intelligence-powered-HR-mobile-app-100x100.jpg 100w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7028'>\n\t\t\t\tOCBC Bank in Singapore introduces artificial intelligence-powered HR mobile app\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Beware of biometric identification systems'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/beware-of-biometric-identification-systems\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/900_450_crop-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10229\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10229'>\n\t\t\t\tBeware of biometric identification systems\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='When culture change fails, look in the mirror'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/when-culture-change-fails-look-in-the-mirror\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2016\/10\/Transfer-of-Training--150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3671\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3671'>\n\t\t\t\tWhen culture change fails, look in the mirror\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Chinese tech firms are moving into the banking sector in a much different way then their Western counterparts. Whereas Western BigTechs like Amazon and Google seem content in serving financial institutions with cloud features and advertising, Chinese ones like Tencent and Alibaba seem far more interested in competing with financial institutions. For example, Tencent\u2019s WeBank &hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[345,10],"tags":[449,77,35,49],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13494"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13494"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13494\/revisions"}],"predecessor-version":[{"id":13495,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13494\/revisions\/13495"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}