Why China is the place for FinTech? Part I

“Ici repose un géant endormi, laissez le dormir, car quand il s’éveillera, il tonnera le monde” – Napolen

The direct translation of Napoleon’s Quote

“Here lies a sleeping giant, let them sleep , when he wakes up, he will shock the world”

What Napoleon said actually came true, for the past decade and half China’s economy growth has been staggering, but they don’t have the existing infrastructure to help the growth faster, fortunately China’s growth is at the growth of the Internet.

Digital Revolution

Internet + Personal Mobile device made it very convenient for anyone to access Brick and Mortar store Digitally. In order to avoid the harsh traffic and huge land.

Mentality

China’s Economy and growth came at the time of Internet and Digital Revolution thanks to Bill Gates for inventing Windows , Linus Trovalds for inventing Linux the backbone of Android and Steve Jobs for inventing Apple iPhone.

When you grow up with something, you are feeling sentimental to it. your perspectives is totally different from those grew up in different era. For example, film photographer will appreciate those who understand film and will be hesitant to use digital photography in the early 2000.

In the USA, there are already Brick & Mortar stores and banks established.

I have too many clothes, I have too many options. – Rihanna

Western world does have too many options, but if you live in the rural side of China? Would to hop on a bus to go to city to go to bank? In the city, do you enjoy the traffic in Beijing or Shanghai? Do you enjoy over populated crowds in the queue in front of you? or just take care of the business on your mobile phone?

This is why FinTech is the next best thing in China.

In Part II, we will discuss about China is a FinTech Hot Bed

 

 

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