Financial institutions and infrastructure operators are making important strategic decisions about which parts of their businesses they want to defend and grow and which ones they want to scale back. This urgency is not only coming from fintech contenders. Banks are also dealing with a more demanding regulatory environment and exceptionally low interest rates around the world that are squeezing profit margins.
Given the ever growing importance of the real economy, the Chinese government has for some years now been pursuing a policy of cautiously opening up the financial market and is endeavouring to gradually internationalise the RMB.