行业分析报告-中国金融科技的崛起

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1、FutureofFinanceTheRiseofChinaFinTechMancySun+8522978-6072mancy.sun@gs.comGoldmanSachs(Asia)L.L.C.Payment:TheEcosystemGatewayFintechcompaniesarereshapingthewayChineseconsumerspay,borrowandinvest.InnovatorsfromTencentandAntFinancialtoJDandPingAnhavemus

2、cledintothefinancialsectorandareofferingeverythingfromeasierandfasterwaystopaywithjustaswipeofasmartphonetocreatingattractiveonlinesavingproductsandloans.Withconsumers’financialneedsunmetbytraditionalbankingandthehelpofcutting-edgetechnology,vastnewpr

3、ofitpoolsarebeingcreated.InthefirstofourseriesonTheRiseofChinaFinTech,wefocusonuniquetrendsinvestorsneedtounderstandandtheemergenceofelectronicnewpaymentmethodsthathavebecomeacrucialgatewayforinnovators’closed-loopecosystems.PiyushMubayi+8522978-1677

4、piyush.mubayi@gs.comGoldmanSachs(Asia)L.L.C.TianLu,CFA+8522978-0748tian.lu@gs.comGoldmanSachs(Asia)L.L.C.StanleyTian+8522978-1945stanley.tian@gs.comGoldmanSachs(Asia)L.L.C.GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.As

5、aresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDi

6、sclosureAppendix,orgotowww.gs.com/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/qualifiedasresearchanalystswithFINRAintheU.S.TheGoldmanSachsGroup,Inc.FutureofFinance:TheRiseofChinaFinTechAugust7,2017TableofcontentsPortfolioMan

7、ager’sSummary4Sizingtheaddressablemarket:Untappedconsumerdemand10Keyshapingtrends#1:Integration12Keyshapingtrends#2:Regulation14Keyshapingtrends#3:International17Third-partypayment:Thecurrentstateofplay22Keypaymentchannelsbytypeoftransaction:B2C,C2Can

8、dB2B28Howdoesitwork?TraditionalvsThird-party30Howdotheymakemoney?TraditionalvsThird-party33Enablersofgrowth36Latemoveradvantageindigitizationofmoney36Feestructurethatisclosertocashvscards37Uniqueinfrastructureset-up39Proliferationofe-commerce/