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Why Chinese Fintechs Have Failed to Reshuffle International Finance

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New Chinese financial technologies, including unparalleled electronic payment systems, have so far failed to threaten U.S. financial dominance.

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© Ivan Marc/Shutterstock.com
© Ivan Marc/Shutterstock.com
Corps analyses
  • Obstacles include protection against Chinese acquisitions and concerns about data privacy.
  • Cultural and regulatory differences have also made Chinese fintechs’ adoption abroad uneasy.
  • Cross-border payments are even more difficult to convert to these fintechs, whose technological benefits are small compared to the advantages of U.S. dollar-based systems.
  • Concerns related to financial sanctions have heightened various countries’ interest in alternative payment systems, with little effect so far.

 

This Memo is also available in French, "Pourquoi les fintechs chinoises ont échoué à reconfigurer la finance internationale".

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ISBN / ISSN

979-10-373-0834-4

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Why Chinese Fintechs Have Failed to Reshuffle International Finance

Decoration
Author(s)
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digital globe
Geoeconomics and Geofinance Initiative
Accroche centre

To analyze the impact of power rivalries and tensions on globalization, this initiative combines economic and political expertise. In the face of growing geopolitical risk, the goal is to decipher the dynamics of reconfiguration: protectionist pressures, sanctions, restrictions, industrial policies, and economic security concerns are redefining the rules of international trade. These tensions are also transforming international financial relations by undermining the foundations of trust and reshaping the global monetary system. They raise questions about the role of several key players: sovereign wealth funds, central banks, digital platforms, multilateral institutions, and financial infrastructure operators. In a context of profound disruption, simply refining existing approaches is no longer sufficient. The initiative is designed as a flexible model, drawing on diverse expertise to offer both broad overviews and targeted analyses. It also provides a platform for stakeholders and experts from various backgrounds to debate these issues freely.

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Date de publication
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Accroche

The evolving power dynamics between the United States, China, and Russia are creating new geopolitical realities that businesses can no longer evade. Geopolitical risk has become unavoidable, yet many companies remain unprepared to navigate its complexities. Corporate leaders can no longer afford to overlook its implications.

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Trump's Trade War: What Answers for the European Union?

Date de publication
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Accroche

The announcement, on April 2, 2025, of “reciprocal tariffs” by the United States has opened a sequence of profound break with decades of established trade policy practices, where the administration behaviour has been marked by dogmatic blindness, amateurism, and self-serving interests. 

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How Geopolitical Tensions Reshape Trade Patterns: Geoeconomic Fragmentation, or China’s Big Manufacturing Push?

Date de publication
16 December 2024
Accroche

A data-based analysis shows that widespread geoeconomic fragmentation of world trade is not visible, at least so far. In contrast, the geopolitically-motivated challenges to international coordination are striking, notably in relation with China's surging surplus in manufactured goods trade.

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Multi-alignment and De-risking: The Global South Response to World Fragmentation

Date de publication
31 October 2024
Accroche

Turbulences and conflicts threaten the stability of the global order. What is the Global South’s response to these risks?

Hakim BEN HAMMOUDA
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© Ivan Marc/Shutterstock.com

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Why Chinese Fintechs Have Failed to Reshuffle International Finance