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Digital Tech and fintech professionals are needed in China

More than three quarters of Chinese finance firms will increase investment on digital technologies within the next 12 months, PwC said in a report.
Zhu Shenshen / SHINE

Fintech firm Huifu and Huarui Bank announced partnership on smart finance today.

More than three quarters of Chinese finance firms will increase investment on digital technologies within the next 12 months, covering big data, mobile applications and artificial intelligence or AI, PwC said in a report today.

Traditional finance firms including banks have great spaces to cooperate with fintech firms because they face similar challenges like work efficiency to improve, risk control and strict regulation requirements, said PwC in a report covering both finance and fintech senior executives. 

Totally 77 percent of Chinese firms will invest more on big data, mobile, AI and cloud within the next 12 months. Blockchain, though with great market potential, is still in its infancy in finance industry, said Wang Jianping, PwC’s partner on digital transformation of Chinese finance industry. 

The opinion is echoed by Shanghai-based Huifu, which announced a partnership with the Shanghai Huarui Bank Co today to offer enterprise clients smart finance services. 

HK-listed Huifu will invest more on research, technology and talent for modern fintech services. In the first half, Huifu invested 74 million yuan (US$10.9 million) on research, 30 percent growth from a year ago, said Mu Haijie, Huifu’s president. 

Fintech professionals, who have both finance and technology backgrounds, are still urgently needed in China, according to PwC.


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