KPMG has released its annual selection of China’s leading fintech companies, showcasing the top 100 companies that are spearheading innovation within the Chinese financial services sector.

The China Leading Fintech 50 and Emerging 50 list showcases the top 100 fintech companies in the country that excel in leveraging technology and data, demonstrating ingenuity, garnering recognition in capital markets, showcasing promising industry development prospects, and achieving notable traction for their products and services.

These 100 companies fall into two distinct categories: the Leading Fintech 50, which recognizes the larger and more established fintech enterprises, and the Emerging 50, which features rapidly growing newcomers.

This year’s list features a number of widely successful fintech companies that had been featured in previous editions of the China Leading Fintech 50 and Emerging 50 list. These companies include Bairong, aiBank, WeLab and Lufax. It also includes several debutants who have earned their inaugural placement on this year’s list.

Today, we look at the 16 first-time entrants to the China Leading Fintech 50 and Emerging 50 list. These companies operate across various sectors including digital banking, e-invoicing, payments, wealthtech, financial education, and insurtech, and are demonstrating substantial growth in their respective domains.

Baiwang Cloud

Founded in 2015, Baiwang Cloud claims it is the largest e-invoicing software-as-a-service (SaaS) cloud-based solution provider in China, delivering billing, financial, and tax services to millions of businesses. As a pioneer in the “Internet + Tax” revolution, Baiwang Cloud leads the digitalization of invoices in China, capturing significant market share across various sectors, including finance, insurance, real estate, construction, transportation, energy, hospitality, retail, and e-commerce.

Baiwang Cloud serves an impressive roster of clients, including the Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, Bank of China, PingAn Group, and the People’s Insurance Company of China (PICC), which together represent 70% of the finance and insurance industries. Other strategic partners include Alibaba, China Union Pay, Wanda, Tradeshift, and the “Big Four” accounting firms.

Jiangsu Suning Bank

Established in 2017, Jiangsu Suning Bank is a technology-driven online-to-offline (O2O) bank and the first of its kind in China. Operating under the business model of “Fintech + Scene Finance = Inclusive Finance,” the bank aims to become an innovative leader with the largest inclusive finance customer base and the most extensive range of fintech applications in the Jiangsu province.

Jiangsu Suning Bank is said to have served 60 million individual customers and 1.2 million micro, small and medium-sized enterprise (SME) customers. It has provided personal consumption loans to 3.62 million customers, averaging CNY 9,300 (US$1,280) per household, and inclusive loans to 300,000 small and micro-enterprises, with an average loan amount of CNY 64,400 (US$8,860).

Goldpac

Established in 1993, Goldpac is a leading developer and supplier of secure payment devices and solutions, listed on the Main Board of the Hong Kong Stock Exchange.

Leveraging over 30 years of experience and world-leading technologies, Goldpac provides secure payment products and solutions to more than 1,000 medium and large domestic and international financial institutions across over 30 countries and regions. Its products and services include embedded software, secure payment products and smart kiosks.

Goldpac handles 1.2 million pieces of customer data daily, processes 10,000 card types, and serves an average of 600 customers daily, with data backup across three locations ensuring timely response to emergencies.

JF Wealth

Established in 2011, JF Wealth is an online investment decision-making solution provider in China with a focus on the online investor content service market. The company offers a range of services designed to help individual investors understand financial markets and make informed investment decisions. These services include online high-end investor education, online financial literacy education, and financial information software services.

JF Wealth’s flagship solutions include SmartInvest Pro and SmartInvest Info. SmartInvest Pro provides market data processing, indicator analysis tools, cloud chart viewing, prerecorded online investor education courses, livestream broadcasts, express market reviews, and high-end premium services. SmartInvest Info offers professional, timely financial market information, data analysis, and investment decision-making support.

MeiShi

Founded in 2015, MeiShi is a developer of management software for private asset management company and a platform designed to publish information about private asset management company. The company’s platform offers information about private asset management company and equity research report, enabling users to make a better investment decision. It serves large asset management institutions such as private equity managers, securities firms, and public funds.

By the end of June 2023, the platform had gathered 110 domestic securities research institutes, 145 public funds, 127 securities asset management firms, 112 securities proprietary firms, 35 insurance asset management firms, 39 qualified foreign institutional investor (QFIIs), over 3,300 private equity managers, and more than 20,000 real-name registered professional institutional investment researchers.

Nanyan Group

Founded in 2015, Nanyan Group is a provider of professional Internet technical services for insurance institutions. The company offers a comprehensive suite of solutions, including cloud architecture, cloud storage, and cloud computing, specifically tailored to meet the needs of insurance companies.

Nanyan Group’s core system has integrated with more than 70 insurance companies, serving hundreds of professional intermediaries and over 500 agencies. It provides a comprehensive solution which encompasses product, sales, management and claims for all types of insurance companies, multinational reinsurers and first-line intermediaries.

Leveraging big data and artificial intelligence (AI), Nanyan Group aims to improve efficiencies in insurance processes, optimize cost structures, and enhance service efficiency.

Puyi Smart Cloud

Established in 2010, Puyi Smart Cloud is a comprehensive fintech service group specializing in family financial asset allocation. The company is dedicated to providing personalized wealth management services for emerging middle-class and affluent families, offering comprehensive support services for financial planners, and delivering diversified financial services for institutional clients.

Puyi Smart Cloud has developed a state-of-the-art digital technology platform that facilitates end-to-end transactions for over 9,000 fund products from more than 110 fund companies nationwide. The platform also supports proprietary portfolios of publicly raised fund products using a dollar-cost averaging approach.

In addition to its robust digital platform, Puyi Smart Cloud offers a comprehensive service ecosystem tailored for high-net-worth clients. This ecosystem includes insurance brokerage services, trust consulting services, tax services, legal advisory services, and overseas asset allocation and education consulting services.

Siku Lifang

Founded in 2016, Siku Lifang is a smart SaaS and platform-as-a-service (PaaS) offering that allows enterprises to manage cash flow. The platform provides an integrated solution for smart enterprise money management services, leveraging the SaaS model to offer a range of financial management capabilities.

Siku Lifang’s platform integrates mobile Internet, cloud technology, enterprise financial service resources, and hardware encryption to address various challenges in fund management and capital utilization for businesses. It offers a comprehensive suite of services, including implementation, consulting, training, and agency services.

So far, the platform has integrated with more than 60 banks and over 20 regulatory lines across the country, allowing for seamless online payment processing of corporate accounts. This integration enables enterprises to handle online payment approvals via a mobile app without needing traditional bank online banking shields, facilitating interoperability between banks and businesses.

Xmirror

Founded in 2014, Xmirror is a developer of information security technology, specializing in AI-driven solutions for integrated detection and defense against continuous threats. Led by a skilled network security team from Peking University, the company focuses on enhancing security across the software supply chain through its DevSecOps approach.

At the core of Xmirror’s offerings is the DevSecOps Smart “Adaptive Threat Management System,” which provides agile security products and software supply chain security services covering threat modeling, open source governance, risk discovery, threat simulation to detection and response.

Xmirror serves a diverse clientele including prominent institutions such as the People’s Bank of China, the Shanghai Stock Exchange, XPeng Motors, and China Southern Airlines.

Yulore Technology

Founded in 2012, Yulore Technology is a leading provider of intelligent communication and data services.

The company’s products have reached 2 billion smart terminal users worldwide and served more than 5,000 domestic and foreign companies, including dozens of industries such as banking, insurance and securities, call centers, automobiles, the Internet, life services, express logistics, medical care, and government affairs, providing customers with innovative services such as intelligent communications, intelligent risk control, and intelligent AI solutions.

Citic Technology

Citic Technology, a subsidiary of Citic Limited, specializes in the development of new applied technology for the broadcasting and telecommunications industries. Established under the umbrella of Citic Limited, one of China’s largest conglomerates, Citic Technology is integral to the firm’s diverse portfolio.

Citic Limited traces its origins back to the early stages of China’s economic reforms, evolving alongside the nation’s growth and modernization efforts. The conglomerate has built a robust presence across comprehensive financial services, advanced intelligent manufacturing, advanced materials, new consumption trends, and urbanization initiatives.

Chongqing Fumin Bank

Chongqing Fumin Bank provides a comprehensive array of financial services. Catering to individuals, enterprises, and other clients, Chongqing Fumin Bank provides essential services such as deposits, loans, international settlement, and wealth management.

Embodying its corporate mission of “supporting micro businesses and startups, making the people and the nation prosper,” Fumin Bank places a strong emphasis on serving MSMEs, fostering innovation and entrepreneurship, and supporting financially disadvantaged groups.

DataPipeline

Founded in 2016, DataPipeline is a leading provider of enterprise-level data integration services, offering comprehensive technological solutions designed to enhance data utilization and support informed business decision-making.

DataPipeline’s core product features include visual graphical configuration, data batch processing, quality management, data task flow management, user management, and meta data management. These functionalities empower enterprises to seamlessly connect and synchronize complex data sources, facilitating streamlined data workflows and optimized operational efficiencies.

Keydom

Founded in 2011, Keydom is a prominent provider of smart card industry application solution services. The company has established itself as a key player in the IT industry, delivering innovative solutions tailored to the needs of various sectors that utilize smart card technology.

Jiangsu United Credit

Jiangsu United Credit is a financial services company providing loans, refinancing, insurance, leasing, guarantees, and other services.

Uqian Tech

Shenzhen Youqian Information Technology Co., Ltd. (referred to as Youqian Technology) was established in May 2016. Headquartered in Qianhai, Shenzhen, it has offices in Beijing, Chongqing, Wuhan, Hefei and other cities across China. Youqian Technology offers digital technology solutions such as risk analysis, ESG reporting, microfinance management and e-Commerce management to small, medium and micro enterprises using AI.

To date, Youquan Technology has helped 7.87 million small, medium and micro enterprises transform digitally, with a service scale of more than 1,200 billion yuan.