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April 16 2018

CHINA STARTUP COMPANIES HIGHLY BENEFIT FROM FINTECH

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Financial technology (fintech) has been an important factor in driving small businesses in Mainland China, making the country an ideal market for international merchants, an article reported on April 13, 2018.

Technology helps China small businesses increase revenue

Reports said CPA Australia North China Committee member Kevin Ng noted that over 10 percent of the revenue of majority of businesses in the country come only from online sales. Small businesses have been integrating fintech for collecting digital payments and P2P lending platforms. On the other hand, a 2017 article of export.gov said that market opportunities could open up to various industries in the country as a result of increasing middle-class population.

Small businesses that use technologies, however, are still prone to different cyber-attacks, including malwares, computer viruses, and data breach, especially to those companies that accept cryptocurrency transactions. Online security enhancement should be greatly considered by small businesses, Ng suggested. International companies who want to explore their market opportunities in the country may consider integrating a secured payment gateway solution that supports alternative payments.

The Chinese economy is expected to grow significantly after the country’s State Council recently confirmed the reduction of value-added tax rates.

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Financial Services Risk & Compliance