China fintech growth drivers: ARPU, cost efficiency and financial inclusion
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Chinese fintechs have shifted focus from user acquisition to user monetisation, operating efficiency and profit margins
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The proportion of profitable fintechs has halved since 2020 on regulatory/ macro headwinds but should recover next year
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Better financial inclusion and capture from incumbents will drive user growth; payments/ savings are key product hooks
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.