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Fast Growing Internet Banking and Finance

In: China’s Financial System

Author

Listed:
  • Dominique Rambures

    (Paris I University Panthéon Sorbonne)

  • Felipe Escobar Duenas

    (Paris I University Panthéon Sorbonne)

Abstract

In 2015, upon instruction from the State Council, the China Banking Regulatory Commission (CBRC), the banking supervision agency, granted six banking licences to non-banking institutions “on an experimental basis”. This initiative was aimed at spurring competition in the banking sector, promoting financial innovation and diversifying the range of banking products and services. With 600 million internet users who are already processing 50% of their shopping through online sale sites (against 20% in France and 33% in the UK), and 40% of global users of mobile banking through smartphones, China is already the world’s largest market. According to the World Bank, 55% of Asians, 64% of Chinese and 90% of Americans have a bank account. China has great growth potential.

Suggested Citation

  • Dominique Rambures & Felipe Escobar Duenas, 2017. "Fast Growing Internet Banking and Finance," Springer Books, in: China’s Financial System, chapter 7, pages 91-100, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-40451-6_7
    DOI: 10.1007/978-3-319-40451-6_7
    as

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