Tech-savvy Chinese consumers use Fintech actively

Ernst & Young survey finds 69% of digitally active Chinese use Fintech compared with global average of 33%

Technology-savvy Chinese consumers are most active in adopting financial technology among 20 major markets, Ernst & Young said in a survey today.

The EY Fintech Adoption Index 2017 found that 69 percent of China's digitally active population have used Fintech in at least one of these areas — payment, wealth management planning, investment, acquiring loans, and insurance.

The global average adoption rate is 33 percent according to the survey based on more than 22,000 online interviews in 20 markets.

Jack Chen, managing partner of financial services of EY China, attributed the strong Fintech traction in China to abundant technology talent, regulatory support for innovation, a large market, and a huge amount of capital ready to invest in the Fintech sector.

“China's mainland is widely known overseas for efficient and fast payment through mobile phones,” said Chen. “The adoption rate of mobile payment, the most popular sector of Fintech, is especially high along the east coast." He added that consumers who didn't understand or trust Fintech were gradually converted when they saw the convenience of digital services.

India and the UK followed China's lead with 52 percent and 42 percent Fintech adoption rates respectively.

EY predicted the global adoption rate to climb to around 50 percent next year amid continuous development of Fintech.

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