![]() In May 2016, 2,471 problem P2P companies were identified, accounting for 54.1% of all such companies in China. It is clear, however, that having a large number of P2P companies poses risks to society as well as increased losses for investors. Further cooperative partnerships have been established between Beijing Bank and Tencent, Shanghai Pudong Development Bank and China Mobile, and China Merchants Bank and China Unicom. China CITIC Bank has built a strategic partnership with Baidu as well as a joint venture with BaiXin Bank. Meanwhile, traditional financial institutions-such as the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB), among others-have announced ambitious Internet financial strategies. Based on their technological advantages, giants such as Baidu, Tencent, and Ali (BAT) have many licenses and are trying to build Internet-based financial empires. In China, more than 10,000 Internet-based financial enterprises have directly cut into the traditional finance industry, breaking the barriers of traditional financial ecology. He said, moreover, that Citigroup is currently fighting for survival. Stephen Bird, CEO of Global Consumer Banking at Citigroup, described the current situation in the banking industry as a “stage of extinction,” where banks either swiftly adapt and create new competitive positioning or gradually perish. Citigroup (Citi GPS 2016) researchers predicted that in the next 10 years, FinTech innovation will reduce the number of employees in traditional banks by approximately one-third. The development of financial technology (FinTech) in areas such as mobile Internet, cloud computing, big data, search engines, and blockchains has significantly changed the financial industry, forcing traditional banks to transform and upgrade. ![]()
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