China’s Online Banks Struggle to Disrupt

After launching 4 years ago two of China’s online banks, MYBank and WeBank, are struggling to make a big impact on China’s financial system; the banks are struggling to grow deposits and have combined assets that are equal to just 1 percent of Industrial and Commercial Bank of China (ICBC); the news is not all bad as they have helped to make an impact on bank technology by starting to work with some of China’s traditional lenders to improve the lending experience; the government has taken a heavy hand to fintech over the last 18 months which has helped to slow the progress of online banks; China’s fintech firms are in a precarious position as they work to be more transparent with government but grow enough to make a sustainable business. 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.