Big Four auditing company KPMG recently published its annual selection of China’s top Fintech firms. This year, the China Fintech 50 report was updated to include 100 companies to showcase the financial technology industry’s rapid growth and fast-evolving landscape.
The 2020 China Fintech 50 list, which recognizes the accomplishments of public and private sector firms, along with independently operated Fintech firms and traditional banking service providers, has featured established firms such as Airwallex, JD Digits, OneConnect, WeBan, and WeLab.
In addition to naming China’s high-potential Fintech startups, the KPMG report also revealed the major industry trends observed in the nascent sector during the past year. These Fintech trends include the rapid integration of emerging technologies or Emtech into nearly every aspect of the financial services sector and the convergence of Fintech with other innovative ecosystems (like crypto). However, the rapid adoption of tech also presents serious risks that businesses need to consider carefully.
Since awareness about COVID became more widespread (around March 2020), the overall demand for contactless payments options and other touch-free financial services has increased considerably, the report confirmed, while noting that financial institutions are recognizing that Fintech is essential to their digital transformation strategies.
KPMG’s 2020 China Fintech 50 companies are able to effectively leverage Emtech such as blockchain, AI, machine learning (ML) and Cloud computing for streamlining investing, wealth management, supply chain finance, lending, and several other Fintech services.
The comprehensive list includes:
AFA Finance, a provider of intelligent solutions in quantitative investment research, smart consulting, risk management and investment optimization based on AI technology;
Aibao Technology, a comprehensive insurance service provider, covering various fields such as auto insurance, life insurance, health insurance, and agricultural insurance;
AiBank, an independent bank established by CITIC Bank and Baidu that provides consumer and business financial services;
Bairong Yunchuang Technology, which provides financial Information services;
Baozhunniu, the provider of a data-driven online insurance platform;
Bubi, which develops blockchain-related products that can secure core patent technologies;
Che300, a secondhand car appraisal and transaction platform;
DataGrand, an AI startup that offers natural language processing (NLP) and robotic process automation (RPA) services to major enterprises in China;
IceKredit, which uses ML and other advanced AI technologies to assess the credit level of small businesses (SMEs) and individuals;
TerraQuanta, the developer of geospatial analytics technology;
Daokou Fintech, which uses technology to improve financial risk prevention and control capabilities and promote financial stability;
Du Xiaoman Financial, the spinoff of the financial services arm of Baidu, which offers installment payment options to consumers and online investment services to investors;
Webull, a mobile-first, commission-free trading app, supporting stocks, ETFs and options;
Futu, a digital brokerage and wealthtech platform;
Gaodeng Technology, which provides e-invoicing solutions for businesses;
ICBC Technology, a wholly-owned subsidiary controlled by Industrial and Commercial Bank of China (ICBC) that’s engaged in system research and development, custody services, cloud computing, and more;
Everbright Cloud Payment Technology, a subsidiary of state-owned conglomerate China Everbright Group, which provides services in the areas of payments, online banking and mobile banking;
HKbitEX, a digital asset exchange regulated by Hong Kong’s Securities and Futures Commission (SFC);
Hong Kong Virtual Asset Exchange (HKVAX), a virtual asset exchange which provides professional virtual assets trading and customized services for institutions looking to invest in the virtual assets and fintech sectors;
Hundsun Technologies, a supplier of financial software and network services focused on wealth and asset management;
Aqumon, which uses big data technologies and algorithmic strategies to make investing simple and affordable;
Tigerobo, the developer of a smart financial search engine designed to provide comprehensive, accurate and real-time financial data and information;
TsingJiao, which specializes in the research and development of multi-party computation (MPC) technologies;
ArchForce Financial Technology, which provides a distributed system base platform and application;
Huifu, which provides payment processing and account settlement services;
WeLab, a Hong Kong fintech company offering a range of services, such as online consumer credit platforms and virtual banking;
Ahi Fintech, the developer of an AI-powered financial risk management technology;
Huize, which offers online insurance products and services in China;
Shanghai Jiyu Fund Sales, the developer and provider of a fund trading platform;
Valuable Capital, the operator of trading platform VBrokers;
Value Online, which provides financial data processing, information integration, information technology consulting, and other services;
CCB Fintech, a wholly-owned subsidiary of China Construction Bank (CCB), one of the largest state-owned banks in China, which specializes in software technology, platform operation, and financial information services;
Kingdee Finance, the developer of fintech designed to provide data financial services to enterprises;
Jinfuzi, the operator of an online investment platform that allows users to invest in a variety of financial products online;
OneConnect, a leading technology-as-a-service platform for financial institutions in China that covers multiple verticals including banking, insurance and asset management;
Kingsoft Cloud, a unit of Kingsoft Group and a leading Cloud computing service provider.
Kingstar Fintech, the provider of software and processing services related to Fintech;
Kingsware, a subsidiary of Shenzhen Kingdom Sci-Tech Co, develops RPA robotics software and provides enterprise-grade security robotic management platform for financial businesses;
JD Digits, which provides a range of financial services and products to consumers, startups, SMEs and other businesses in China; and
Kafang, the developer of quantitative trading and transaction systems designed for financial services companies and hedge funds.