How Chinese companies are planning a global fintech coup | FactorDaily
10 Dec 2018 9:13 PM GMT
Chinese tech giants along with dozens of hyper-funded upstarts have designs on the world. They are quietly taking over the global fintech market at a scale that?s unheard of before.
- The idea is not only to export technology crafted in China but also play a part in running fintech businesses in South East Asia, Africa and India where millions of users are coming online.
- The company, an affiliate of Chinese e-commerce major Alibaba, valued at over $150 billion, is already a lead investor in nearly every major mobile wallet company in the developing world.
- A company document that FactorDaily reviewed lists eight major mobile wallet players in South and Southeast Asia among Ant Financial’s investee companies.
- Besides the infrastructure, now, Aliyun has plans to offer to design and run fintech applications and even core banking software for big banks.
- Alibaba’s Jack Ma, Ant Financial CEO Eric Jing, Melinda Gates and Nandan Nilekani are part of committees and panels for financial inclusion and identity projects at the United Nations and World Bank.
- Disclosure: FactorDaily is owned by SourceCode Media, which counts Accel Partners, Blume Ventures, Vijay Shekhar Sharma, Jay Vijayan and Girish Mathrubootham among its investors.
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