Chinese fintech firms added to MSCI indices

Several Chinese online finance firms have been added to the MSCI Index, Shanghai Daily learned on Wednesday.

New York-listed Jianpu Technology Inc, which posted good first quarter results, was added to the MSCI Global Small Cap Index after the market closed on May 28.

“We believe there are tremendous opportunities in the dynamic market of fintech in China,” said David Ye, chairman and CEO of Jianpu.

As an independent platform for discovery and recommendation of financial products, Jianpu posted 95 percent revenue growth to hit 655 million yuan (US$98 million), exceeding the estimated US$92 million.

MSCI — Morgan Stanley Capital International — was the first global market index, created in 1968, and remains one of the most influential indices worldwide.

HK-listed Huifu Inc was added to MSCI China Small Cap Index at closing time on Tuesday.

Huifu, a Shanghai fintech firm focused on payments, posted revenue growth of 88 percent to 3.25 billion yuan in 2018.

Global investment in financial technology, or fintech, more than doubled in 2018 to US$55 billion, with China contributing almost half, according to a recent Accenture report.