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Challenging 鈥榗hildhood鈥 but room to grow
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China鈥檚 fintech industry is still in its 鈥渃hildhood鈥 and although there are challenges it also has a huge potential to grow with help from digital technologies like artificial intelligence and cloud, experts told the LendIt Fintech Conference yesterday in Shanghai.
Ye Daqing, CEO of New York-listed Jianpu.ai, a third-party online finance firm, said in an interview at the summit that cyber lending including P2P (peer-to-peer) platforms and online insurance are still in the 鈥渃hildhood鈥 period.
鈥淕enerally speaking, fintech is developing at the level similar to the United States in the 1990s. We can call the stage as kindergarten or primary school with adolescent problems,鈥 Ye said.
New technologies will act as a catalyst to help the industry to grow, and PwC said in a recent report that 77 percent of Chinese fintech firms will invest more on big data, mobile, AI and cloud within the next 12 months.
AI is set to take 鈥渃enter stage鈥 in financial services, said Peter Rentons, LendIt鈥檚 co-founder.
Tencent said it will use AI and cloud to fight fraud and other challenges, said Hu Liming, general manager of Tencent Financial Cloud.
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