Chinese Fintech: a Western Banker’s worst nightmare

As Ant Group’s IPO approaches — and appears to be the world’s single largest initial public offering – we’re starting to get a closer look at exactly what Open Banking can achieve, if not restricted by special interests (cough) incumbents.

Wealth management, credit management, cinema or theatre tickets, you can run your entire financial and social life by Ant’s app. About a five-minute read.

Comment: for context Ant’s proposed market cap will be roughly $250B. By comparison, JP Morgan $314B, PayPal $240B and Bank of America $216B. Clearly Ant’s growth potential outstrips any of these Western incumbents.