Seriously, everywhere you turn in China you find a new company with an Internet Finance strategy. This list doesn’t even include private companies like CreditEase or new entrants like real estate behemoths Greenland and Dalian Wanda, online travel companies like Ctrip and Qunar, phone maker Xiaomi, digital media companies like Sina, Sohu, and Phoenix Finance, Internet pivots like RenRen and Shanda, and huge conglomerates like HNA Group.
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Finally, ecommerce giant JD.com has created an entirely new Internet Finance division and has raised $1b from an investor group led by Sequioa to focus on building a full stack fintech company that includes supply chain small business lending, consumer lending, wealth management, payments, equity crowdfunding, insurance, and securities and brokerage businesses. I often talk about insurance tech as the next big category and ZhongAn Insurance is the world’s largest and fastest growing online insurance company. The third largest company, Lufax, is the world’s best example of a fintech company incubated inside a large scale financial services company (Ping An Insurance). The largest company, Alibaba’s Ant Finance, recently closed the world’s largest private funding round for an Internet company at $4.5 billion.
Chinese companies, ranked by market cap, dominate fintech with 4 of the top 5 fintech companies in the world. It is true, take a look at the chart above.
China is the biggest market in fintech but the world just doesn’t know it yet.
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