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1、EQUITYRESEARCH
2、August7,2017FutureofFinanceTheRiseofChinaFinTechPayment:TheEcosystemGatewayFintechcompaniesarereshapingthewayChineseconsumerspay,borrowandinvest.InnovatorsfromTencentandAntFinancialtoJDandPingAnhavemuscledintothe?nancialsectorandareofferingeverythingfr
3、omeasierandfasterwaystopaywithjustaswipeofasmartphonetocreatingattractiveonlinesavingproductsandloans.Withconsumers’?nancialneedsunmetbytraditionalbankingandthehelpofcutting-edgetechnology,vastnewpro?tpoolsarebeingcreated.Inthe?rstofourseriesonTheRiseofChinaFinTech,w
4、efocusonuniquetrendsinvestorsneedtounderstandandtheemergenceofelectronicnewpaymentmethodsthathavebecomeacrucialgatewayforinnovators’closed-loopecosystems.TheGoldmanSachsGroup,Inc.August7,2017FutureofFinance:TheRiseofChinaFinTechTableofcontentsPortfolioManager’sSummar
5、y4Sizingtheaddressablemarket:Untappedconsumerdemand10Keyshapingtrends#1:Integration12Keyshapingtrends#2:Regulation14Keyshapingtrends#3:International17Third-partypayment:Thecurrentstateofplay22Keypaymentchannelsbytypeoftransaction:B2C,C2CandB2B28Howdoesitwork?Traditio
6、nalvsThird-party30Howdotheymakemoney?TraditionalvsThird-party33Enablersofgrowth36Latemoveradvantageindigitizationofmoney36Feestructurethatisclosertocashvscards37Uniqueinfrastructureset-up39Proliferationofe-commerce/socialplatformsenablesviralgrowth41Improvingeaseofus
7、ewithtechnologyadvancement44Understandingthekeyplayersandcompetitivelandscape46Alipay49Tenpay51Sizingtheaddressablemarket55Keydebatesforfuture#1:Monetization58Keydebatesforfuture#2:Regulatory60Keydebatesforfuture#3:FeecompetitionandM&A64Appendix66DisclosureAppendix69
8、ContributingAuthors:JamesSchneider,Ph.D;AndrewLyons;KatsunoriTanaka;LaraFourman,CFA;FrankShi;TianboYu;RobertD.Boroujerdi;ShinHorie;PhilippaVizzone,CFA;RichardManley;TimothyMoe,CFA;AndrewTilton;EliotCamplisson;HeathP.Terry,CFA;HugoScott-Gall;RichardRamsden;JernejOmahe
9、n;RyanNash,CFA;AdamHotchkiss;DanielPowel;ThomasWang;ShuoYang,Ph.D;ElsieCheng,RonaldKeung,CFA;LucyLi;KatherineLiu;MichelleCheng;Anit
