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Embattled banks wake up to embrace fintech

By Chen Meiling | China Daily | Updated: 2017-11-27 08:02

Lenders invest heavily as online financial firms make rapid strides

Chinese banks have begun giving more importance to financial technology, or fintech, in order to become more competitive as internet-based companies are taking rapid strides in the field, industry insiders said.

Financial services firm EY defines fintech firms as "organizations combining innovative business models and technology to enable, enhance and disrupt financial services".

Embattled banks wake up to embrace fintech

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