Author: Enjiang Cheng
Enjiang Cheng is an honorary principal fellow with the Asia Institute at the University of Melbourne and a visiting professor at China’s Zhejiang University. Enjiang worked with Ford Foundation as a program officer for eight years. Before joining the foundation, he was an associate professor at Victoria University in Melbourne. He served as a chief research coordinator at the International Poverty Reduction Center of China and as a senior China economist at Citibank in China from 2009 to 2013. Enjiang has worked as senior advisor and international consultant for the World Bank, ADB, UNDP, AusAID and other donors. Enjiang earned a PhD in agricultural economics from the University of Melbourne and a bachelor’s degree in the same field from China’s Nanjing Agricultural University.
The Application of Fin-Tech in China
Author: Prof Enjiang Cheng
Digital technological innovations have fundamentally transformed the design and delivery of financial products and services. FinTech (financial technologies) has the potential to reduce transaction costs and credit risks in rural and agricultural lending, thereby alleviating the severe credit rationing faced by many smallholders in less developed countries (LDCs). This paper examines the evolution of non-bank financial institutions (NBFIs) in China as they adopt fintech, amid rising competition from commercial banks and major internet platforms and within a shifting regulatory environment. Using Chongho Bridge—a Chinese non-bank financial and agricultural service provider—as a case study, the paper analyses the digitalisation process and other strategic adjustments undertaken by NBFIs to address the challenges brought about by fintech development in China. The findings offer important insights for the application of fintech to promote financial inclusion in China and other LDCs.