Dispelling false analogs in Emerging Market Fintech

China’s success in financial technology inspires legions of EM fintech hopefuls worldwide, spurring them to frenzied product expansion. Private and public market investors consider EM fintech an assured tale of disruption, while traditional bankers view the gathering storm with fear and loathing. A headier concoction has rarely been found–hundreds of millions of under-banked consumers, tens of millions of under-serviced merchants, and plentiful capital to grease the over-throw of a sclerotic financial system. China stands as the shining mast of this advancing force. As the fintech narrative goes, regulators are standing…

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