BEIJING, CHINA - MediaOutReach - 14August 2020 - Driven by the Government's FinTechdevelopment plan and innovation strategy, China is leading the way in businessFinTech usage across the region, according to a survey of business FinTech usage by CPAAustralia, one of theworld's largest accounting bodies.

Thesurvey found that 80 per cent of respondents from China reported that their businesseshad used at least one FinTech product or service in the past twelve months,which is the highest result of the surveyed markets. Further, Chinese businesseswere the most likely to maintain or increase their usage of mobilepayments/digital wallets, robo-advisory/chatbots, wealth management technologyand FinTech lending in the past twelve months.

Tony Chan, Deputy President of CPA AustraliaSouth China Committee says that the fast-growing business FinTech usagein China is boosted by the development of emerging technologies and changingconsumer behaviour. 

"Supported by a number of favourable Government policies, includingfinancial and tax incentives, such as the 175 per cent super deduction for eligible R&D expenditureand greater funding for AI development by local governments, Chinese businessesare more inclined to utilise FinTech compared with businesses from the other surveyed markets."

"Another factor that has led to a boost inbusiness FinTech usage in China is changing consumer behaviour. Chinesemillennials, who are digital natives, are a major force in the consumer market,and this has further spurred Chinese businesses to adopt FinTech."

The survey findings also indicate there is a clear link between the use of FinTechand business growth. It found that74 per cent of Chinese businesses that were more profitable in 2019 eithermaintained or increased their usage of mobile payments or digital wallets inthe past 12 months, and 54 per cent of Chinese businesses that were more profitable in 2019 eithermaintained or increased their usage of robo-advisory/chatbots.

"FinTech will be an engine for business growthand we believeChina's leadership in FinTech usage amongst businesses will continue." Mr Chan comments.

84 per cent of surveyed respondents from Chinabelieve their businesses will use at least one FinTech product or service in the next 12 months, according to thesurvey.

However, the impact of the rapid growth ofFinTech usage in Chinese businesses has also created challenges. According tothe survey, respondents from China were most likely to select cybersecurityconcerns (41 per cent) and shortage of FinTech talent (37 per cent) as the keybarriers to business FinTech adoption.

"Amongst the surveyed markets, we note thatbusinesses in China were most likely to choose a shortage of FinTech talent asone of their key challenges to FinTech adoption, which is a consequence ofgrowing business usage of FinTech in China.

"To meet this challenge, we would welcomemore cross-disciplinary FinTech degree programs and we suggest that businesses,research institutions and universities in China collaborate in developing newtalent development plans to cultivate, recruit and retain FinTech talent," Mr Chansays.

For more information on CPAAustralia's Business FinTech Usage Survey:

CPA Australia's Business FinTech Usage Survey -  Preliminary, Mainland China results

CPAAustralia's Business FinTech Usage Survey -- Infographic

About the survey

Thesurvey was conducted by CPA Australia from 23 June to 14 July 2020. A total of573 responses were received from accounting and finance professionals inMainland China, Hong Kong, Singapore and Malaysia, with 158 respondents from Mainland China.

About CPA Australia

CPA Australia is one of theworld's largest accounting bodies with more than 166,000 members working in 100countries and regions around the world, and with more than 25,000 membersworking in senior leadership positions. It has established a strong membershipbase of more than 19,000 in the Greater China region.