White Paper on China Financial Technology Ecology (2023)

  • 【Published by】

      China Academy of Information and Communications Technology

  • 【Complied by】

      China Academy of Information and Communications Technology

  • 【Published in】

      November 2023


I.                 The overall development trend of global fintech

(i)        The growth rate of the global fintech industry is slowing down, and the development pattern is showing a diversified trend

(ii)     Market entities pay more attention to cutting-edge technologies and innovative models, and strengthen their awareness of risk balance

(iii)   The demand for global fintech collaboration is increasing, and the construction of cross-border rules and platforms is accelerating

(iv)    The value of fintech continues to be released, exerting its adhesive role in social and economic development


II.              The overall development trend of China's fintech industry

(i)        The dual phases of economic recovery and regulatory reform overlap, and industrial development faces new situations and requirements

(ii)     The industrial pattern has entered a relatively stable period, and standardization and high-quality development have become industry consensus

(iii)    Development orientation emphasizes the "virtuous cycle of science, industry, and finance" to assist the supply side reform of the financial industry


III.          The development of key technologies in fintech presents new characteristics

(i)        Computing power has become a new engine for financial digitization, consolidating the foundation of digital native applications transformation

(ii)     Big models promote the upgrade of data intelligence technology and accelerate the release of data element value

(iii)   Deepening the innovation of information technology application and continuously supporting the modernization and transformation of financial services

(iv)    The systematic layout of financial security protection continues to strengthen, and the service model is developing towards multiple dimensions

(v)      Continuously exploring cutting-edge technologies and applications, further expanding the connotation of the financial technology system


IV.           Key application scenarios of fintech give rise to new directions

(i)        The concept of digital native has a profound impact, and the intelligence level of financial industry operation services is constantly improving

(ii)     New technologies are deeply applied in core business processes, and payment and risk control capabilities continue to upgrade

(iii)   Digitalization driving product innovation, accelerating the application of technology in the capital market and insurance industry

(iv)    The digital gene runs through the entire process of the business ecosystem, and personal finance is undergoing a comprehensive transformation towards digitalization and intelligence

(v)      Financial technology deeply empowers industrial financial services, and industrial digital finance innovation becomes a hot topic


V.              Outlook on the Development of Financial Technology Ecology

(i)        The application of financial technology has entered deep waters, and investment effectiveness and high-quality development have become key factors

(ii)     The digitalization of the financial industry is developing in depth, with business and demand driven factors becoming more prominent

(iii)   The concept of digital nativeness is accelerating its implementation, and the demonstration application effect of digital finance is becoming increasingly evident

(iv)    Financial technology supports precise policy implementation and fully unleashes the economic and social value of the financial industry

(v)      Balancing innovation and stability, and entering a new stage of comprehensive prudent supervision

The trend of financial technology going global is evident, supporting the high-level opening-up of the financial industry to the outside world

     - 中国金融科技生态白皮书(2023年).pdf