For most tech firms, China is the hottest market for expansion. China has long been an up and coming economy with the densest population in the world. If a foreign tech company was to succeed in the Chinese market, it would open an entirely new avenue of revenue to be generated from its population. Currently the most successful firms in China are largely Chinese firms that have immediate access to the population. The financial technology industry in China seems to be expanding much like the rate in the United States. Many US fintech firms are vying for a position in the Chinese market, but many of them don’t actually know how the Chinese financial technology market actually functions.
There are multiple similarities between the financial technology market in China and the United States. Many citizens use fintech for buying and selling items as well as P2P transactions. The key difference between the US market and the Chinese fintech market is that the mobile market for the US is relatively mature and encompasses most of the market. China still has a young and rapidly expanding mobile market. A fintech company needs to be scalable in order for it to be successful in a market with over 1 billion inhabitants.
reference: http://www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending