SINGAPORE (Dec 5): Step aside, Silicon Valley, New York, and London. The Asian dragon has awoken, and it is claiming its place on the financial technology (fintech) throne.

While the US and the UK have jostled to be recognised as the world’s leading fintech centres, China has soared above the competition to take the crown as the undisputed global fintech hub.

“The speed, sophistication and scale of development of China’s fintech ecosystem have been at a level unmatched in more established markets,” say DBS bank and professional services firm EY on Monday in a joint media release at the launch of their collaborative report, The Rise of Fintech in China.

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