Global big tech companies have dipped their toes in the water with payments and some in China are now expanding into the provision of credit, insurance, savings and other investment products, either directly or in cooperation with established financial institutions.
With the exception of Netflix, the so-called FAANG companies (Facebook, Amazon, Apple, Netflix, and Google) and their Chinese counterparts BAT (Baidu, Alibaba, Tencent), are all exploring or offering financial services.