The state of FinTech in China (Infographic)

The end of 2015 could not have been stronger for the Chinese FinTech scene. In October, China’s central bank introduced a new cross-border payment system to allow yuan-based clearing transactions. In November, Chinese Alibaba consumers spent an astounding $14.3 billion on Singles Day, the biggest online shopping day in the world. In December, UnionPay launched its mobile payment service and partnered with Apple to bring the latter’s mobile payment service to China this year.

The infographic below, made by our sister publication Bobsguide, goes a long way to explain just why the likes of Apple are scrambling to make a mark in the Chinese market.

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