行业分析报告-中国金融科技的崛起.docx
《行业分析报告-中国金融科技的崛起.docx》由会员分享,可在线阅读,更多相关《行业分析报告-中国金融科技的崛起.docx(78页珍藏版)》请在沃文网上搜索。
1、Future of Financeword文档 可自由复制编辑The Rise of China FinTechMancy Sun+852 2978-6072mancy.sun Goldman Sachs (Asia) L.L.C.Payment: The Ecosystem GatewayFintech companies are reshaping the way Chinese consumers pay, borrow and invest. Innovators from Tencent and Ant Financial to JD and Ping An have muscled
2、 in to the financial sector and are offering everything from easier and faster ways to pay withjust a swipe of a smartphone to creating attractive online saving products and loans. With consumers financial needs unmet by traditional banking and the help of cutting-edge technology, vast new profit po
3、ols are being created. In the first of our series on The Rise of China FinTech, we focus on unique trends investors need to understand and the emergence of electronic new payment methods that have become a crucial gateway for innovators closed-loop ecosystems.Piyush Mubayi+852 2978-1677piyush.mubayi
4、 Goldman Sachs (Asia) L.L.C.Tian Lu, CFA+852 2978-0748tian.luGoldman Sachs (Asia) L.L.C.Stanley Tian+852 2978-1945stanley.tian Goldman Sachs (Asia) L.L.C.Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm m
5、ay have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non
6、-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group, Inc.Table of contentsPortfolio Managers Summary4Sizing the addressable market: Untapped consumer demand 10Key shaping trends #1: Integration 12Key shaping trends #2: Regulation 14Key shapi
7、ng trends #3: International 17Third-party payment: The current state of play 22Key payment channels by type of transaction: B2C, C2C and B2B 28How does it work? Traditional vs Third-party 30How do they make money? Traditional vs Third-party 33Enablers of growth 36Late mover advantage in digitization
8、 of money 36Fee structure that is closer to cash vs cards 37Unique infrastructure set-up 39Proliferation of e-commerce /social platforms enables viral growth 41Improving ease of use with technology advancement 44Understanding the key players and competitive landscape 46Alipay 49Tenpay 51Sizing the a
9、ddressable market 55Key debates for future #1: Monetization 58Key debates for future #2: Regulatory 60Key debates for future #3: Fee competition and M&A 64Appendix 66Disclosure Appendix 69Contributing Authors: James Schneider, Ph.D; Andrew Lyons; Katsunori Tanaka; Lara Fourman, CFA; Frank Shi; Tianb
10、o Yu; Robert D. Boroujerdi; Shin Horie; Philippa Vizzone, CFA; Richard Manley; Timothy Moe, CFA; Andrew Tilton; Eliot Camplisson; Heath P. Terry, CFA; Hugo Scott-Gall; Richard Ramsden; Jernej Omahen; Ryan Nash, CFA; Adam Hotchkiss; Daniel Powel; Thomas Wang; Shuo Yang, Ph.D; Elsie Cheng, Ronald Keun
11、g, CFA; Lucy Li; Katherine Liu; Michelle Cheng; Anita Yiu and Sef ChinAcronym buster:TPV: Total Payment Value, B2C: Business to Consumer, C2C: Consumer to Consumer, B2B: Business to Business, QR code: Quick Response code, POS: Point of SaleThis is the latest report from our Future of Finance series,
12、 where we explore how Tech is changing the shape of Finance. See related reports below or visit our GS360 portal for the full coverage:Payment Ecosystems, Aug 4, 2017The socialization of finance, Mar 13, 2015Redefining the Way We Pay in the Next Decade, Mar 10, 2015Watch a video summary from the aut
13、hor hereword文档 可自由复制编辑China FinTech in numbersword文档 可自由复制编辑THIRD-PARTY PAYMENT GROWTH$155bn$11.4trnThird-party payment value in China grew more than 74X from 2010 to 2016. About 16% of that is consumption- related. 56% is peer-to-peer transfer. (p. 22-29)INTEGRATION MINDSETINTERNET LENDING$4bn$156b
14、nTotal internet loan balance outstanding in China grew more than 36X from 2013 to 2016. But in context it is small compared to Chinas gigantic financial system, at only 0.8% of total social financing. (p. 13)PRIVATE CAPITAL OWNING INFRASTRUCTURE95Alibaba mentioned the word ecosystem 95 times inPriva
15、te companies (non-state owned) own 60% of the new centralized clearinghouse for online payments.60%their 2016 annual report. Similar mentions are observed from other leading FinTech players Ping An, Tencent, JD, Baidu etc. For context, ICBC mentioned the word FinTech or Internet 22 times. (p. 13)The
16、 largest shareholders besides the Central Bank and the State Administration of Foreign Exchange are Ant Financial (9.61%) and Tencent (9.61%). This compares to Chinas existing basic infrastructure, which are state-owned. (p. 16)INTERNATIONAL EXPANSIONPAY WITH YOUR PHONE28Chinese consumers can use th
17、eir favorite third-party payment method outside of China at physical retailers in 28 countries and regions. (Alipay: 28;Tenpay: 15). (p. 18)Third-party payment done via mobile devices account for 75% of the total payment value. For context, 20% of the US e- commerce payment is via mobile devices. (p
18、. 23)75%CASHLESSTRANSACTION SIZE40%Retail consumption paid via third- party payment companies is growing and now comprise 40% of retail. (US: third-party 7%; totalcashless 75% by 2015). We expect this to rise to 68% by 2020. (p. 55-56)In China, traditional bank cards average transaction size of US$9
19、30 is almost 10X larger than third-party payments average transaction size of $88. (p. 24)10xUSER BASE3.4bnThere are in total 3.4bn third-party payment accounts in China (2016). (p. 47)GAMIFICATION OF CASH14bn virtual red packets (Chinas traditional cash- filled red envelope that people give each ot
20、her during festivals) were exchanged via WeChat Pay on Chinese New Years EveAugust 7, 2017China: TechnologyGoldman Sachs Global Investment Research3Alipay: 520mn (Mar 2017)Tenpay: 600mn (Dec 2016)For context, Paypal has 197mn users globally (Dec 2016)in 2017. (p. 43)Portfolio Managers Summaryword文档
21、可自由复制编辑Why read this report?See five real-world case studies for payments on pages 25-26, 43, 48, 53Infographic on China FinTech ecosystem: Pages 6-7List of key players: Page 9Total addressable marketTrend #1: Integration New conglomerate Ecosystem Closed-loopTrend #2: Regulation Pro-growth Risk man
22、agement Private capital participationRegulatory changes and new technologies are re-shaping Chinas banking activities. The pace and magnitude of the development is vastly different versus the rest of the world. A group of hybrid tech/finance companies, such as Ant Financial, Tencent, JD and Ping An
23、have emerged at the heart of Chinas financial industry, making financial services more convenient and accessible for consumers. This has resulted in China leapfrogging from a world where consumers largely relied on cash, to cashless or even cardless transactions, paying, borrowing and investing, all
- 1.请仔细阅读文档,确保文档完整性,对于不预览、不比对内容而直接下载带来的问题本站不予受理。
- 2.下载的文档,不会出现我们的网址水印。
- 3、该文档所得收入(下载+内容+预览)归上传者、原创作者;如果您是本文档原作者,请点此认领!既往收益都归您。
下载文档到电脑,查找使用更方便
20 积分
下载 | 加入VIP,下载更划算! |
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 行业 分析 报告 中国金融 科技 崛起