China EconTalk: New pan-Asia fintech network launched

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A new network for Asian fintech players has been launched in Singapore.

The new Fintech Cooperation Committee is a product of the Asia Financial Cooperation Association (AFCA). At the launching convention, the organization held the FinTech International Forum to promote regional fintech exchanges and cooperation.

Yang Zaiping, secretary general of the AFCA, said its purpose is to establish an international platform for communication and collaboration among regional fintech stakeholders.

“Also, we will formulate industry criteria, will cooperate with governments and coordinate between fintech companies and governments or financial regulatory authorities,” he told to CGTN.

Yang Zaiping, secretary general of the AFCA. /VCG Photo

China is leading the world in fintech industry development, Yang noted. “China has two major industries to develop fintech technology, one is non-financial institutions, in particular, some tech companies; another one is commercial banks or security companies.”

Digital payment is the main technology among fintech companies in China. According to Ipsos China, a subsidiary marketing research and consulting company of Ipsos SA, China has about 890 million mobile payment users with the annual transaction scale of third-party mobile payments reaching 106.78 trillion yuan.

Yang said China's next step should be developing fintech technology for not only digital payment or traditional finance sector, but also helping other sectors including agriculture to secure better financial services.