financial technologyPWCresearch report

Research Report on China’s financial technology in 2020 From PWC

The following is the Research Report on China’s financial technology in 2020 From PWC recommended by And this article belongs to the classification: PWC, research report, financial technology.

In recent years, great changes have taken place in China’s financial industry with the progress of science and technology. The combination of Finance and technology not only subverts the original business model and logic of banking, insurance, securities and asset management, but also reconstructs the strategy, operation, product service, channel and risk control of traditional financial institutions. At the same time, although financial technology enterprises use digital technology to innovate financial service mode, enrich financial service scene, and optimize financial service experience, they have also experienced the transformation from seizing the market with traditional financial institutions to empowering traditional financial institutions.

The past year 2020 is also an extraordinary year for the development of China’s financial technology. The sudden outbreak of novel coronavirus pneumonia is a test for the financial sector, highlighting the importance of technology, and a driving force to accelerate the transformation of traditional financial institutions. In addition, the state’s regulation of financial technology has also changed. On the one hand, it continues to encourage innovation pilot through “regulatory sandbox”; on the other hand, it introduces a number of new regulations to guide traditional financial institutions and financial technology companies to standardize innovation, protect consumers’ rights and interests, and ensure fair competition in the market.

As a professional service organization, PwC has conducted research on the financial technology industry worldwide for four consecutive years since 2016, and the special research on Chinese respondents was conducted twice in 2017 and 2018. Now, this report is based on the third China special survey launched by us in the fourth quarter of 2020. It aims to continuously track and evaluate the development status and trend of the industry, and reflect the latest thinking of practitioners on the development of China’s financial technology in the post epidemic era.

A total of 200 valid questionnaires were collected in this survey, covering various segments of traditional financial institutions and financial technology companies. We hope that through the interaction with the interviewees and putting the results into words, the report will become a platform for telling the story of China’s financial technology development, summarizing the opinions and suggestions of the industry, and promoting exchanges between domestic and foreign peers.

This is the end of China’s 13th five year plan and the beginning of the 14th five year plan. Standing at this time point and looking forward to the future, China’s financial technology has been in a leading position in many aspects of the world, and still has great prospects. However, we should also be soberly aware that China’s economy is moving towards a stage of high-quality development, and the financial reform is deepening, which puts forward higher requirements for the innovation and development of financial science and technology. Science and technology will continue to deeply affect all aspects of the financial industry. Traditional financial institutions and financial technology companies need to recognize the situation in order to find the right direction in the changing situation, seize the opportunity and realize self-development.

The development of financial technology and win-win cooperation are the general trend. PwC sincerely looks forward to helping traditional financial institutions and financial technology companies develop their strengths, jointly build an ecosystem and help finance serve the real economy.

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