Global Finance Magazine - China's Fintech Innovators

Ventures like MYbank and WeBank are betting that AI and cloud technology will further reduce the costs and inefficiencies of borrowing faced by SMEs. China is leading global investment in the innovative fintech industry--and Alibaba is emerging as China's leader in fintech. According to CB Insights, a market intelligence firm, fintechs worldwide that were backed by venture capital raised $39.57 billion last year, bringing the industry's total capitalization to an all-time high. Ant Financial, Alibaba's financial services group and the IT giant's super tool for internet financing, raised $14 billion, or 35% of the total, during that period. CB Insights puts Ant Financial's total market capitalization now at $150 billion.