After a long period of hands-off approach, China is now tipping the scale towards regulation. The issuing of a new set of regulations shows that the Chinese government is seeking to strike a new balance between FinTech innovation and regulation. The drama around Ant Group and its founder Jack Ma - notably when the company’s $37bn IPO was suspended by Chinese authorities - is only the tip of the iceberg.
The years 20 mark a critical turning point in the history of the FinTech sector in China.
In 2018, its FinTech investments reached USD 25.5 billion, ranking first in the world and amounting to about half of the global total of FinTech investments that year. China has one of the most dynamic FinTech markets in the world.
In 2019, the global FinTech market was valued at about USD 111 billion, and is expected to grow to USD 158 billion by 2023. Especially in the case of China, FinTech has contributed to financial inclusiveness and extended financial services to a large portion of China's population that does not have traditional credit history and still lives in rural areas. The browser and other applications provide means to send data to the internet, so this permission is not required to send data to the internet.Īllows the app to view information about Wi-Fi networking, such as whether Wi-Fi is enabled and name of connected Wi-Fi devices.Īllows the app to view information about network connections such as which networks exist and are connected.Īllows the app to prevent the device from going to sleep.Īllows the app to modify global audio settings such as volume and which speaker is used for output.Īllows the app to view the configuration of Bluetooth on the device, and to make and accept connections with paired devices.The FinTech industry aims at competing with traditional financial methods and extending the reach of financial services. Allows the app to create network sockets and use custom network protocols.
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