General Information

Population

1.5B

1B

Currency

CNY

Market overview

Population - 1.5B

In terms of population size, China takes the second place in the world.

Internet penetration - 73.7%

There were 1B internet users in China in January 2023.

FinTech Outlook: Trends, Insight & Technology

The latest EY Global FinTech Adoption Index found that 87% of Chinese respondents now use one or more FinTech services and a stunning 99.5% are aware of online apps that facilitate money transfer, mobile payments, and non-bank money transfers. The SMEs survey told a similar story: at work as at home, online apps are now handling a steadily growing volume of businesses payments, borrowing, and investments.

The People’s Bank of China (PBOC) recently released its FinTech Development Plan for 2022-2025, which seeks to further develop China’s FinTech sector and drive the digital transformation of finance in the country over the next four years.

Banks

<aside> 💡 The four biggest state-owned commercial banks (SOCB) are listed on stock exchanges and belong to the world’s biggest banks with regard to market capitalization.

‘**Big Four’:**

• Bank of China (BOC) specializes in the field of foreign trade.
• China Construction Bank (CCB) in the field of infrastructure finance.
• Industrial and Commercial Bank of China (ICBC) in the industrial sector.
• Agricultural Bank of China (ABC) in the agricultural sector. </aside>

Digital banks