'Legaltech' growth promises big gains

If technology used to improve financial services is called fintech, you may be forgiven for coining the term "legaltech" to describe technology used to give legal services the 21st century touch.

Rapid development of artificial intelligence or AI and business-friendly government policies are helping modernize China's legal services, said Liu Yan, a domain expert, at a recent forum in Hangzhou, Zhejiang province.

In fact, China will likely become the market leader soon, said Liu, who is also the marketing director of Shanghai Bestone Information & Technology Co Ltd, an internet-based company specializing in the application of information technology or IT in legal services.