Zhang Yu

JeniZhang13@163.com

A RECENT report based on a survey conducted by accounting firm PwC said that China’s fintech institutions are generally cautious about blockchain technology and maintain an uncertain outlook towards its applications.

It is the second year that PwC has conducted a survey on China’s fintech industry. The research was launched online from April to June and collected data from 135 questionnaires.

About 30 percent of respondents were fintech companies, and 70 percent were traditional financial institutions.

The report showed that investment and application in financial technologies are steadily increasing. More than half of the traditional financial institutions surveyed said they are conducting independent R&D on the application of financial technologies in various formats or are establishing diversified partnerships with fintech companies.

On the other hand, technology has again been underscored in the cooperative strategies between fintech companies and traditional financial institutions in recent years.

For the development of emerging technologies in the financial sector, big data applications are still mainly focused on product design and front-end sales, and the infrastructure of artificial intelligence applications have yet to be improved, said the report.