We have yet mentioned about the average 10% rejection rate. Starting from account opening at banks, one may note that the stringent customer due diligence process has turn this experience particularly for start-ups and foreign companies, a nightmare in terms of both the time and efforts required. If the above appears to be a glorious result of magical combinations, let's step back and focus on a financial institution's own handling of customers and transactions. Straight-through-Processing, and Quite a Bit More than STP However, imagine your country will reach this form of maturity in say 3 years and you have the magic formula to attract this form of craze, what type of technology foundation needs to be in place within your own company? This may be a much stretched goal, but this will certainly be a good strategic discussion with the Board and the CxOs to guide IT strategy and a thought-through change plan to hit the digital vision. In most countries, this form of hit would be unheard of and unimaginable. The product has attracted 3.3 million members in just 3 days, and hit the mark of 10 million at 10 days. Last October, Alipay provided this new online "Xianghu Bao" mutual critical illness product that will provide insurance coverage for 100 major illnesses including malignant tumors, with insurance payments to be defrayed by insurees themselves. Regardless, these factors are all marching towards the same direction, at their own pace, globally - towards an open trustable environment along with right level of regulatory oversight per the country maturity. There are multitudes of aspects that one would argue if this may be replicated elsewhere around the globe - digital pervasiveness, regulatory permission, public trust, country scale, etc. In 2017, this has overtaken JPMorgan's US government money market fund which had $150bn then. Product Innovation and the Underlying FoundationĪlibaba's four-year-old "Yu'e Bao" fund, a money market fund set up as a repository for leftover cash from online spending has emerged as the world's biggest, with $165.6bn under management. While we understand the reader would naturally be curious about the technology innovation enabling these scenes, we would decipher them in the next article along with digital transformation experience of few banking veterans at China to cope with this form of digital sophistication. China's digital economy is recognized by many as a leading global force, and this article intends to provide a glimpse into the innovation happenings at China, particularly in the financial services sector. The most exciting region in the world, digitally speaking, is Asia, with China and Malaysia as exemplars. It is noteworthy to note that the world's 3 most significant economies, US, Germany and Japan, are all possibly losing their momentum, and are advised to look to the higher-momentum countries for ideas in getting them back into a zone of greater competitiveness. In fact, World Economic Forum has commissioned this research called Digital Evolution Index, so that we can learn from these economies their innovation recipes. There is naturally the question - which are the world's most digitally advanced countries. The ability for frictionless payments is essential for the revenue to flow along.
#Chinese cloud money free#
While there are many free internet services, the business world would require a revenue model for more investments to funnel through and grow these digital services. Mobile payment provides a second necessary factor for a truly digital lifestyle to flourish. We may be using 5 apps or 9 apps depending on the consumer research you trust, but this is not linked to the extent and quality of a truly digital lifestyle many of us would like.
This only enables the consumption of more digital services at the consumer side though. None of us would understate the impact of smartphones, although they are only introduced for a little over than 10 years and made popular by Steve Jobs. It is no exaggeration that it is a bigger problem that you run out of battery than cash, and thus the pop-ups of all the battery bank services on the street. Whether you have traveled to and lived in China or not, you probably would have heard of stories about how Chinese citizens live their lives on their smartphones. By Albert Lau, Financial Services Innovation Principal, Alibaba Cloud
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