There is no doubt in the minds of Wall Street and the banks that the fintech version of Silicon Valley is coming. And there is no doubt in the minds of the authors of the Citi report that China, at least, reached that tipping point (where fintech overtakes traditional banking) a few years ago.
Already, China’s e-commerce ecosystem is far larger than any other country, and there are some ‘tech’ companies that already have more customers than their ‘fin’ (or banking) counterparts. For example, Alipay processes three times as many transactions as PayPal, the default P2P payment service in Europe and North America ($931 billion vs $232 billion in 2015).
For more on this story visit the following link: If fintech has the equivalent of a Silicon Valley, China is already it