BEIJING, Oct. 22 (Xinhua) -- The financial technology (fintech) sector is becoming a hub for nurturing high-valuation start-ups in China, a report from Hurun Research Institute showed.
China has 22 unlisted start-ups with a valuation above 1 billion U.S. dollars in the fintech sector, second only to the e-commerce sector.
The 22 firms, including Ant Financial and JD Digits, boast a total valuation of 262 billion U.S. dollars, the report showed Monday.
China has made strides in fields like mobile payment and online wealth management and enjoys huge growth potential in other fields like assets management, corporate financing and microfinance, according to JD Digits CEO Chen Shengqiang. "Technological capability and openness to the partnership will drive future fintech growth."
The country aims to further boost fintech applications, and realize the deep integration and coordinated development of technology and finance by 2021, China's central bank said in August.