Chinas fintech giants are consolidating their gains and using their capital heft.
China has experienced a fintech explosion in recent years, with top companies dominating the industry. It’s not an accident that Alibaba spinoff Ant Financial and Tencent rule digital payments, or that Yirendai and Lufax are major players in the online lending sector. All of these companies have garnered large amounts of investment, expanded into areas with high levels of demand and have successfully diversified out of their core business.
Ant Financial is not yet publicly listed, but it received Series C funding of $14 billion in June. While Tencent’s WeChat Pay is not part of a subsidiary, it continues to reap funding from Tencent investors. Tencent (see p. 45) is a juggernaut whose Hong Kong Stock Exchange shares, even after a recent dip, have risen 100-fold since its IPO in 2004. Its market cap reached a high of $577 billion in January. Creditease’s peer-to-peer lending company Yirendai is also listed, on Nasdaq with a market cap of $1.2 billion. Ping An affiliated Lufax has reportedly postponed a possible listing in Hong Kong but was said to be targeting another funding injection of $2 billion.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
BACK ON TRACK
Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.
Championing Locals
The wave of social commerce is enabling inclusive digital economies beyond urban areas.
Boys in the Bubble
Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.
Enduring Relations
The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.
Sweet Success
Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.
Marathon Man
Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.
Gold Rallies on Inflation Fears
During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.
Set Off to A New Start
Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.
The Daily Intake
YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.
THE CROESUS OF CRYPTO
FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.
