HONG KONG, 28 October 2020 – The South China Morning Post announced today the release of its inaugural China Fintech Report, a comprehensive resource on the latest trends and future trajectory of the world’s largest financial technology ecosystem.

The report provides essential investment insights and market analysis of the future of this rapidly growing sector, providing a key source of competitor analysis and learnings for traditional financial services. China’s massive domestic financial market has an estimated 87% of consumers using fintech services, a US$29 trillion (200 trillion yuan) mobile payment market in 2019, and the largest global market for online securities trading. 

As China opens its financial system to foreign players and prepares to launch the world’s first national virtual currency, its fintech sector is poised to make a major impact on the global financial market. The report includes exclusive case studies on key industry players, an overview of funding activity and deals, and in-depth sector analysis of digital payments, digital banking, wealthtech, insurtech, and blockchain. 

Key findings of the report include: 

  • China poised to become the first cashless society: The shift will be mobile-first, with mobile payments already accounting for four out of every five payments and more than half the value of all non-cash retail payments in China.
  • Massive growth potential for online wealth management: Personal investable assets in China are estimated to grow at a compound rate of 10% from US$23 trillion (160 trillion yuan) in 2019 to US$42 trillion (287 trillion yuan) by 2025, with US$10 trillion (69 trillion yuan) expected to be invested via online platforms by 2025.
  • Expanding market for insurtech: Online insurance premiums currently account for less than 8% of total Chinese insurance premiums, suggesting the sector has a long way to grow as China overtakes the US to become the world’s biggest insurance market by the mid-2030s.
  • Blockchain a national priority: China’s banks are ramping up blockchain use with applications in SME lending, risk management and operation efficiency, while China prepares to launch the world’s first sovereign digital currency, with a large-scale rollout expected to come before China hosts the 2022 Winter Olympics.

“The fintech companies of China, which are already pushing boundaries and setting the bar higher than any other company anywhere else, are expected to expand beyond Chinese shores into the broader world,” said SCMP’s Business Editor Eugene Tang. “The coronavirus pandemic, which has led to paradigm shifts in the way humans earn and pay, will only accelerate the rise of fintech, with increased investor and consumer appetite for online financial services.”

The report is targeted at those watching the global trajectory of fintech, including corporate executives, professional services providers, investment professionals, and academics. To purchase the full China Fintech Report, please visit



The South China Morning Post is a leading global news company that has reported on China and Asia for more than a century. Founded in 1903, SCMP is headquartered in Hong Kong, where it is the city’s newspaper of record, with a growing correspondent staff across Asia and the United States. SCMP’s vision is to “Elevate Thought” and our mission is to “Lead the global conversation about China”. Additionally, SCMP publishes a portfolio of premium lifestyle and fashion titles in Hong Kong including Cosmopolitan, ELLE, Esquire and Harper’s BAZAAR. SCMP is also home to Abacus, a digital news brand focused on China’s tech industry; Inkstone, a digest for those curious about China’s growing impact around the world; and Goldthread, a content platform with a focus on food, travel and culture in China. In 2020, SCMP became the first news organisation in Asia to join the Trust Project, a consortium of top news companies developing global transparency standards for credible journalism.   


Targeted at global business leaders and China industry observers, SCMP Research aims to meet the increasing global need for reliable intelligence into China’s leading industries. For each industry, our proprietary product – which combines a report of the highest research rigour and a careful curation of live sessions with industry experts – provides customers with instant actionable insights.

For more information, please contact:

Elgen Kua