行业分析报告-中国金融科技的崛起(编辑修改稿)

行业分析报告-中国金融科技的崛起(编辑修改稿)内容摘要：

tate the adoption. We point out low hanging fruit (leveraging Chinese tourists) and explore early cases in exporting their technology standards (QR code). Exhibit 1: Total Addressable Market by 2020E Thirdparty Payment Inter Lending Investment* (traditional and nontraditional players) $ SME loan, $284bn Consumer credit, $480bn $ Consumptionralated payment value Loan balance outstanding Financial Asset Under Management *For investment, the traditional asset managers have been investing/acquiring AI based services and expanding online distribution channels. We see great uncertainty around the final market structure between traditional and nontraditional players. Source: iResearch, National Bureau of Statistics, WIND, PBOC, CBRC, the Asset Management Association of China, China Trustee Association, Goldman Sachs Global Investment Research Thirdparty payment: payment processed by nonbank firms The market created: $11bn annual fee pool Thirdparty payment in China is replacing cash, not only cards。 See our case study on page 20. Our takeaways for thirdparty payment Enablers of growth: The bination of 1) technology 2) digitization of money 3) low fees 4) unique infrastructure setup 5) proliferation of emerce and social platform allowed China to leapfrog from cash to cashless, or even cardless transactions. The addressable market is large and the share is shifting rapidly. New technology is also expanding the pie in markets that were historically underperated by banks. $11bn annual consumptionrelated revenue/fees pool to be created by 2020E: Immediate revenue opportunities e from B2C payments, which is just a small portion of the overall payment value. Moization initiatives for other transactions (mainly C2C) are still in the early stages. Direct profitability might not be the big players‟ top priority, as payment is often viewed as the gateway for their integration. Disruptors and petitive landscape: 40% of the retail consumption today in China is done via thirdparty payments. Alipay and Tenpay now dominate the space with 84% market share, but sizeable players from other industries are joining the race. Key debates for future 1. Moization: Direct profits from payment are thin in China, due to low fees, high petition and marketing spending. However, payment serves as a key infrastructure for the big players‟ ecosystem by granting targeted access to users, and profitability remains secondary. Future moization will likely e from targeted advertising, consumer financing and wealth management. 2. Regulation: There is an increasing need for regulators to monitor the money flow via the closed FinTech ecosystems and payment is the starting point. However, instead of simply banning this activity, regulators are working with the payment panies as that‟s where the technology knowhow lies. This creates unique access for private capital in the next generation of financial infrastructure. 3. Fee petition/Mamp。 A: We expect fee petition to intensify and expect to see more Mamp。 As in the payment space, as players in adjacent industries scramble for payment licenses to close their own loop, and banks themselves catch up in innovation. SAVING / INVESTMENT FINANCING PAYMENT OTHERS FinTech Ecosystem China vs. US and Japan INCUMBE NTS DISRUPTORS 1 OTHER DISRUPT O R S INCUMBE NTS DISRUPTO RS INCUMBE NTS DISRUPTO RS DIRECT BANK DEBIT TRANSF ER SYSTE M MOBILE PAYMENT SOLUTI O N PAYM E NT SERVIC E PROVID E R WeChat Pay Alipay Wallet 1 Ping An Ewallet 3 JD Pay Baidu Wallet 4 99Bill PERSO N A L LENDING SME LENDING CROWD FUNDING 5 Banks such as : ICBC CCB BOC ABC BoCom Asset mgmt panies such as: ICBC Credit Ant Check Later 1 Loan issued by MYban k, (forme r Ant Micro Loan) Antsdaq 1 Weilidai through WeBank Tenpay Micro Loan (财付通小贷 ) Tencent Gongyi 2 2 Lufax 1 Ping An Crowdfun din g 2 3 JD Baitiao Jing Baobei 3 (京保贝 ) Jing Xiaodai (京小贷 ) 3 JD Crowd funding (京东众筹 ) 3 Baidu Umoney Baidu Loan Baidu Baizho ng 4 Kuaiyihua 1 Wanda Loans 4 Banks such as: JP Man Chase BoA Citigroup Wells Fargo Asset mgmt panies such as: Banks such as: MUFG SMFG Mizuho Asset mgmt panies such as: ONLINE SAVING PLATFORM ONLINE 5 ASSET MANAGEMENT ONLINE ONLY BANK Suisse Asset Mgmt E Fund Mgmt China Asset Mgmt Insurance panies such as: China Life Ant Fortun e 1 Yu‟e Bao 1 Tianhong Asset Manage m en t Ant Fortun e 1 MYban k Licaitong Licaitong 1 WeBank Lufax JD Wealth Mgmt (京东理财 ) JD Xiaojink u Dongjia Caifu1 (东家财富 ) Baidu Financial Supermarket Baidu Wealth Mgmt Baixin 1 Bank (百信银行 ) 99Bill Wealth Mgmt (快钱理财 ) 4 99Bill Wealth Mgmt (快钱理财 ) BlackRock Fidelity Charles Schwab Insurance panies such as: Met Life Nomura Daiwa Nikko AM Insurance panies such as: Daiichi Life Nippon Life CLOUD COMPUTING Ant Financial Cloud Tencent Cloud Ping An Cloud Baidu Financial Cloud 1 Wanda Cloud Company PERSO。