According to the 2016 Top Markets Report of Financial Technology produced by the U.S. International Trade Administration (ITA), Bitcoin is one of the top focuses of China’s FinTech market. The ITA is a bureau within the U.S. Department of Commerce, and this report is a market assessment tool for U.S. exporters.
Also read: China’s Constant Bubbles Drive Investors to Bitcoin in Droves
Why the ITA Pays Attention to China
The second largest economy in the world is well highlighted in the ITA’s report. The country is ranked as the number one projected export market for 2017 in the payments category, which is a subsector of FinTech subsector. For the overall FinTech sector, China ranks second only to Japan while the UK is third. Since this is a list of export markets, the U.S. is not included in the rankings.
China’s FinTech Scene
According to PricewaterhouseCoopers (PwC), China is “by far the biggest FinTech ecosystem in deal size and number of deals done.” Independently, a 100-page Citigroup’s report claims that Chinese FinTech firms may have even more clients than the largest banks. However, regarding the regulatory regime for the FinTech sector, the ITA report states that it is