KPMG announces the 2017 Leading Fintech 50 companies in China

KPMG announces the 2017 Leading Fintech 50 companies...


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KPMG in China


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KPMG has today released the list of 2017 Leading Fintech 50 companies in China. The list, which was first launched in 2016, evaluates companies based on six core factors, including application of the latest technology, data-driven models, innovative business models, the ability to address current issues, and improvement in financial efficiency. Using KPMG’s enterprise insight model (SIP), enterprises undergo a quantitative analysis in terms of technology, products, markets, financing and other dimensions. The judging panel comprises external experts as well as professionals from KPMG China and other member firms who specialise in IT, data analytics, capital markets, venture capital, treasury, macroeconomics and financial services. The list is ranked in alphabetical order according to the companies’ Chinese Pinyin name.

Honson To, Chairman, KPMG ASPAC and China, said, “In selecting the Leading Fintech 50 companies this year, we observed that fintech innovation continues to be at the forefront for industry practitioners. Technological innovation is also driving enhanced service quality in China’s financial services sector. In addition, fintech innovation is promoting interaction, cooperation and integration between financial institutions and fintech start-ups. The participation of fund houses has also expedited the optimisation and allocation of resources for technology and innovation.” 

In recent years, KPMG has invested considerable resources to support fintech innovation in China. In addition to Leading Fintech 50 in China which was launched last year and generated wide interest in the industry, KPMG has also launched its Global Fintech 100 and quarterly reports analysing global venture capital investment trends in the fintech sector. Recent reports such as 20 pain points in China’s banking transformation and fintech solutions, as well as the Development of China Direct Banks have also been well-received in the market. 

The business activities of the Fintech 50 on the list are diversified and cover a wide range of areas including big data, payment services, online banking, robo-advisors, insurtech and integrated fintech. Fintech firms in China are exploring ways to enable advanced technologies to transform the financial services sector by building a fintech ecosystem, and improve the efficiency of financial services through pioneering innovation. 

Simon Gleave, Head of Financial Services, KPMG ASPAC, said, “As we know, continuous fintech innovation has sped up the overall development of the finance industry in recent years. Fintech innovation is playing a crucial role in developing inclusive finance and supporting the real economy. Technology-driven innovation has extended financial services to a deeper and broader mass market and to specific market segments. Innovation brings both opportunities and challenges. The active participation of all parties is key to the rapid growth of the industry. This year, the interaction between regulators and the fintech sector has been even closer. It is critical for regulators to closely monitor and promote the improvement of policies and regulatory compliance in the fintech sector so that specific risks, new risks and systemic risks arising in innovation activities can be identified and managed in a timely manner.” 

Arthur Wang, Head of Banking, KPMG China, added, “A thriving fintech sector has accelerated the development of the finance industry. For example, we agree that the application of advanced payment technology is speeding up the emergence of an e-cash society in our daily lives. It has also become a symbol of China’s growing importance in the global fintech sector. Government bodies, business entities, colleges, research institutes and social organisations need to cooperate and be actively involved. KPMG continues to be committed to building a fintech ecosystem and pooling resources to promote the innovation and development of China’s financial industry.”


KPMG China List of 2017 Leading Fintech 50

About KPMG China

KPMG China operates in 16 cities across China, with around 10,000 partners and staff in Beijing, Beijing Zhongguancun, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Hangzhou, Nanjing, Qingdao, Shanghai, Shenyang, Shenzhen, Tianjin, Xiamen, Hong Kong SAR and Macau SAR. With a single management structure across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located. 

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 152 countries and regions, and have 189,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG China was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong office can trace its origins to 1945. This early commitment to the China market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in the Chinese member firm’s appointment by some of China’s most prestigious companies. 

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