Chinese cities top leading fintech hub rankings

China's large number of fintech companies has helped the country to take the lead worldwide in developing the industry, according to the Global Fintech Hub Report released on Wednesday during the Money 20/20 China conference.

Five of the top 10 global fintech hubs are in China, and Chinese cities comprise seven out of the top 30, the report showed.

It was jointly released by the Academy of Internet Finance at Zhejiang University, the Center for Alternative Finance at the University of Cambridge, and the Zhejiang Association of Internet Finance.