China’s Commercial Banks are Starting to See the Benefits of Fintech

Chinese commercial banks are beginning to see how much fintech can benefit them as they increase their spending and start partnerships; China Construction Bank (CCB) is the first big four state owned bank to start their own fintech unit; they follow a handful of commercial banks who started a fintech unit as they try to compete with the big tech giants; most other commercial banks have started to either invest in fintech or partner with firms to develop retail and corporate banking services; “Fintech has quickly transformed the operations and commercial model of the financial sector,” said Zhang Lilin, executive vice president of CCB, to South China Morning Post. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.