Chinese Banks Step up Fintech Investment and Hiring in 2021


Source: chinabankingnews.com chinabankingnews.com

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Chinese banks are betting big on the potential of fintech innovations to improve their business operations, with lenders of all sizes logging copious investment levels in 2021. A report from Datayes (通联数据) indicates that in 2021 the big six-state owned lenders made collective tech investment of more than 100 billion yuan. Industrial and Commercial Bank of China’s (ICBC) tech investment totalled 25.987 billion yuan last year, while China Construction Bank’s (CCB) tech investments were 23.576 billion yuan. Agricultural Bank of China (ABC) total tech investment was 20.532 billion yuan in 2021, and Bank of China’s (BOC) 18.618 billion yuan. Postal...