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KPMG Adds Four Blockchain Startups in Top China Fintech Company Index 2018

December 28, KPMG one of the ‘big four’ auditing firms has launched the Top Chinese Advanced Fintech Companies Index 2018. In addition to financial firms including Lufax and Baixin Bank, the Internet companies including Ant Financial Services Group, JD digital Digits (former JD Finance) and Tencent Financial technology has also popped up on the list.

It was the third time for KPMG to launch this kind of list which shows the advanced China-based Fintech firms becomes more influential  worldwidely. For this time, a total of 50 no-listed Fintech startups and 7 listed enterprises were pick by KPGM and recognized as leading companies in this industry.

The KPMG top Fintech index measures companies from six dimension including latest science and technology applications, data-driven, innovation model and impact on traditional finance revolution, valuation and degree of capital market recognition, and industrial development perseptiveness.

Wang Lipeng, partner of KPMG Banking Management of China, indicated that the Fintech startups, licensed financial institutions and venture capital funds are all important components of financial technology. The traditional financial institutions have accelerated their technical revolution to increase their competitiveness.

“Financial innovation has a great impact on traditional finance. The emerging of direct-selling banking is a representative of bank transformation which is driven by technology.”

Wang also added that the insurance technology is developing in a rapid speed while some smart investment companies have also taken a place on the list, and this trend will become more evident in the future.

In addition, there are four blockchain-base companies pop on the 2018 index. Wang emphasized that it is very important to construct blockchain application scenarios in asset trading, in order to establish a mutual trust mechanism for equity and financial assets.

At present the blockchain industry is still nascent with few widely-used applications in the market, while it has a bright future. Blockchain is a brand new concept globally, it is very likely that these companies who do well in the Chinese market could grow bigger in the global market. Those startups listed today, maybe one day, will grow to be the leader of this industry.

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