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China, the unrivalled giant in e-commerce, added another crowning achievement when it emerged as a leader in the fintech world.

In 2015, fintech attracted a record US$20.3B spread across 1, 191 investments. In the latest issue of “Money of the future, ” a report by INSEAD and fintech fund Life.SREDA VC uncovered the latest trends in fintech, China was seen as a clear winner in a few key areas. Here are the five sectors in fintech that China seems to be leading the world in.

Alibaba, the owner of the South China Morning Post, had the largest IPO in history because the hugely popular retailer benefits almost any time someone in China spends money online. So now it’s trying to pump even more money into the Chinese online economy, through the introduction of more current financial systems.

At least that’s one way to look at Ant Financial. Headed by Alibaba co-founder Lucy Peng, the division— which was spun off into its own company in 2011 — began as an outgrowth of Alipay, the company’s version of PayPal.

Since then it has expanded into a full-scale financial services firm.

Alibaba’s finance arm Ant Financial released a bunch of interesting data on Alipay, Alibaba’s online payment platform, throughout 2015.

The biggest headline; a full 65 per cent of the money exchanged on Alipay in 2015 was sent via mobile. The developed eastern cities couldn’t be outdone on one metric though; total spending.

The award for that went to Shanghai’s Alipay users, who spent a whopping 104, 155 yuan (US$15, 839) per capita. Ordering delivery from O2O food providers also became a major trend this year.

Tencent’s WeChat has already positioned itself to offer peer-to-peer payments on its services with things such as red envelope, a way for WeChat users to send money.

Widespread adoption of WeChat Payments was not instantaneous but rather the product of a long and precise marketing campaign.

WeChat is also very active in encouraging other retailers, including traditional brick-and-mortar businesses, to launch simple e-commerce store-fronts that use WeChat payments. The tools that the company provides makes it such that any store can become an internet business and gives WeChat control of payment technologies from the get-go.

This has made Tencent a true force to be reckoned with in the Chinese ecosystem, giving the internet giant the power to offer partner companies immediate exposure to the hundreds of millions of users that use the WeChat wallet.

China’s P2P lending marketplace is a flurry of competition, with numerous players having raised major rounds over the past year. P2P lending in China probably isn’t a zero sum game — it may be that several of these companies can rise to the top together — but there’s no way everyone’s going to win.

For example, Yirendai, listed on the New York Stock Exchange under the tag YRD, raised US$75 million.

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