Challenges and opportunities for European fintechs expanding into China
Paul Prendergast, CEO, Blink, Ireland
China is an incredibly innovative market for Insurance products and in many ways is leading the charge globally with major players Zhong An and Ping An leveraging technology to change the insurance market fundamentally. Companies need to understand the level of innovation and need a very strong product offering to make an impact in China. Along with major opportunities there are some areas that need real focus for companies entering the market. One key area is data residency. As no data can leave mainland China it is important to build and host the solution locally. This can prove difficult for companies who do not have the correct technical architecture. Super-apps such as WeChat are critical and integration is essential as email is not the primary communication channel in China. There are other areas such as regulatory and compliance that require substantial investigation to ensure companies are compliant.