Financial technology – aka fintech – is gaining in popularity globally as a way to improve the efficiency and accessibility of financial services. Fintech is taking off in China, catering to markets that state-owned banks and the undersized financial sector do not serve amid a backdrop of growing consumption and a large, tech-savvy millennial generation.

In this interview, NCUSCR Vice President Margot Landman interviews Sara Hsu, co-author of China’s Fintech Explosion , in which Ms. Hsu and Jianjun Li explore the transformative potential of China’s fintech industry, describing the risks and rewards for participants as well as the impact on consumers. They cover many subsectors of the industry: digital payment systems, peer-to-peer lending and crowdfunding, credit card issuance, internet banks, blockchain finance and virtual currencies, and online insurance. Offering analysis of market potential, risks, and competition, the authors describe major companies including Alipay and Tencent, and other leading fintech firms.