The Economist: Cliff Sheng On Chinese Fintech

Oliver Wyman partner Cliff Sheng was quoted in a story in The Economist titled “ As Regulators Circle, China’s Fintech Giants Put the Emphasis on Tech.” The article explores the landscape of Chinese fintech, the impact of regulations on the market and what this could mean for banks.

Estimates show that fintech firms will take more than 40% of China’s potential payment-card fees by 2020, an annual loss of about $60bn for banks.

“Customers are leaving banks,” says Cliff Sheng of Oliver Wyman, a consultancy. A bigger exodus might destabilize the financial system.

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