For banks, fintech holds key

Chinese banks are highlighting the importance of financial technologies, or fintech, for client acquisition, service improvement and risk management amid intensified competition between financial institutions and fintech firms.

Financial services firm EY defines fintech firms as "organizations combining innovative business models and technology to enable, enhance and disrupt financial services".

Fintech firms have seen a wide adoption of their services in China in different fields, including money transfer and payments, financial planning, and borrowing.