Fintech, Leading China followed by Korea

Fintech, Leading China followed by Korea

By examining China’s Fintech industry growth, we have observed topics to consider for the development of Korea’s Fintech industry.

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In China, Fintech is becoming part of people’s life, as a result of the fact that it was cultivated by consumers’ own demands. China enabled bank businesses to incorporate Fintech, which translated into consumer benefits. Corporate strategies oriented towards consumers and the government’s commitment are behind the growth of China’s Fintech industry. 

It is time that Korea, which has experiencedthe movement to Fintech from the beginning with the introduction of internet-only banks, needs to pay close attention to the growth of China’s Fintech industry, and decide on the future path for the domestic Fintech industry.

© 2017 Samjong KPMG Accounting Corp., the Korea member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative(“KPMG International”), a Swiss entity. All rights reserved.

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