KPMG: China now a fintech force

If KPMG is set to launch a compilation of top 50 financial technology or fintech companies in China, it indicates the new business segment has truly arrived and is poised for rapid growth, said Zou Jun, vice-chairman of its China unit.

The global audit, tax and advisory services major accords high regard to the fintech segment, which refers to online payment systems and other financial services offered digitally. KPMG will persuade Chinese companies to upgrade their systems so as to integrate fintech into their operations, he said.

"China is indeed taking the lead in global fintech," said Wang Lipeng, a partner at KPMG. "Fintech is bringing profound changes to the Chinese economy and industrial reforms."