Big Tech Influence on China Financial Sector

Abstract

Purpose: The objective of the paper is to present Chinese Big Tech companies and present their increasing activity on domestic financial sector. Design/Methodology/Approach: For the purpose of the paper, the following methods have been applied, critical analysis of literature and research papers as well as descriptive method and comparative analysis of presented data. Findings: Based on the above-mentioned methodology methods, Big Tech can be determined that Chinese Big Tech companies have significant potential to impact not only Chinese domestic financial sector, but also the global financial sector. What is more, COVID-19 fastened several trends undergoing on the banking sector (such as digital transformation) that Chinese financial sector is relying upon. Practical Implications: During COVID-19, Chinese Big Tech companies outperformed key players in Chinese domestic financial sector in key financial metrics such as market capitalization, revenue increase, net income. Originality/value: Chinese Big Tech companies have stronger foothold on the domestic financial markets rather than their counterparts in USA (Amazon, Apple, Google).