China Banking-as-a-Service (BaaS) Market: Industry Analysis and Forecast (2024-2030) by Type, Enterprise and, Service

  • China Banking-as-a-Service (BaaS) Market size was valued at US$ 20.56 Billion in 2023 and the total China Banking-as-a-Service (BaaS) revenue is expected to grow at 17.3% through 2024 to 2030, reaching nearly US$ 62.82 Billion.

  • Format : PDF | Report ID : SMR_124

China Banking-as-a-Service (BaaS) Market Overview:

Banking as a service (BaaS) is an end-to-end procedure that ensures the full execution of a web-based financial service. This type of digital banking service is accessible on-demand and works on a defined schedule. BaaS integrates as many service providers as are required into a single comprehensive procedure to perform a financial service in an efficient and hassle-free approach. In addition to providing a financial service, it is assumed that a BaaS would offer specific functionalities. The environment for the services must be managed, deployed, and delivered. Of course, the services must comply with local banking rules in the locations where they are offered, with (at least) one firm in the process holding a banking license.


In the previous decade, China's retail banking sector has risen at a dizzying pace. Retail deposits increased by 6 times and loans increased by 20 times. The average number of products per consumer has risen to six from a little over one. Today, there is more than 300,000 retail personnel across all banks in China, compared to nearly 170,000 ten years ago. The quantity and quality of retail product offers, talent pools, channels, and infrastructure have all increased tremendously. China overtook the United States as the world's largest retail banking market. According to a recent study from McKinsey & Company, overall retail banking income is predicted to reach US$480 billion by 2029. ICBC and China Construction Bank, China's two largest banks, with a combined tier 1 capital of US$ 630 billion. The Agricultural Bank of China is next on the list, with US$250 billion in tier 1 capital, followed by the Bank of China, with US$270 billion.


China Banking-as-a-Service (BaaS) Market


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China Banking-as-a-Service (BaaS) Market Dynamics:

The increasing use of AI analytics in the banking sector in China is expected to drive market growth in the forecast period.


In China, AI’s application scenarios in the banking industry have four features:

1. Speech recognition and natural language processing (NLP) applications, such as smart customer service and speech data mining.

2. Service robotics applications, such as room inspection and intelligent robots.

3. Customer personas, antifraud, intelligent risk control, and Robo-advisor are examples of machine learning, neural network applications, and knowledge mapping.

4. Portrait surveillance warning, staff irregularity monitoring, and core area security monitoring are examples of computer vision and biometrics applications.


Due to the challenges that SMEs face, like unorganized or non-standardized data, limited effectiveness and validity of data, and the diversity of trade information, top Fintech businesses have digitized the end-to-end supply chain of financial services processes using 5G technology, integrated multi-dimensional data, and resources using AI and big data analytics technology, and developed knowledge of the industry supply chain. They've also conducted risk assessments and credit evaluations for SMEs, developed a smart risk rating and monitoring model for the industry supply chain (which includes SMEs), rebuilt enterprise credit systems and services, and focused on and solved a variety of financing issues that the agriculture industry and Small and medium-sized fintech enterprises face.


The Chinese online payment industry continues to grow and diversify, with integration remaining key for the industry.


China's online payment customers have reached 810 million by June 2022. With the continual enrichment of mobile payment application scenarios, the value of mobile payments reached US$ 30.9 trillion in the first half of the year, marking an increase of 18.3% year on year, and ranking first in the world for three years in a row. The payment business has been intimately connected with the Internet, big data, AI, and the real economy as one of China's growing sectors, which has aided in the industry's digital transformation.


China Banking-as-a-Service (BaaS) Market Segment Analysis:

By Service, the Fintech SaaS segment is expected to grow at the highest CAGR of 15.9% in the forecast period. Services and sales via online channels; business models and service innovations based on technology; and, most crucially, financial institutions' operational improvements utilizing internet technologies are all three facets of fintech in China. Throughout the financial services transformation process, the degree of fintech engagement is expected to rise. Effective commercial decision-making is becoming increasingly reliant on data and analytics. Based on technological developments and innovative thinking, additional business model innovations are predicted.


China Banking-as-a-Service (BaaS) Market


In terms of volume and transaction data, China is possibly the world's largest Fintech market, with online (mobile) payment transaction volume topping US$ 18.8 trillion in 2023. Although laws will become more severe, the online consumer finance and marketplace lending (P2P) sector has risen tremendously. Many distinct characteristics, like the online payment system, mobile activity level, urbanization, education, and so on, will support China's Fintech industry and drive the growth of other Fintech-related business models in the country.


In 2017, four Chinese Fintech businesses (all in the online lending market) were listed on the New York Stock Exchange and one on the Nasdaq. In addition, in 2017, the HKSE listed an insurance technology firm and an online auto finance company PwC was engaged in five of the seven recent initial public offerings. The financial regulatory policies from the government are also expected to impact the fintech segment growth in the forecast period. For example, in September 2017, China declared a prohibition on the funding of initial coin offerings. Chinese officials formed the Central Bank digital currency Institute with the intention of eventually producing a lawful digital currency based on national credit.


China Banking-as-a-Service (BaaS) Market Scope:

China Banking-as-a-Service (BaaS) Market

Market Size in 2023

USD 17.53 Bn.

Market Size in 2030

USD 53.58 Bn.

CAGR (2024-2030)


Historic Data


Base Year


Forecast Period


Segment Scope

By Type

  • API-based BaaS
  • Cloud-based BaaS

By Enterprise

  • SMEs
  • Large Enterprises

By Service

  • Banking IaaS
  • Banking as a Platform
  • FinTech SaaS
  • NBFCs

Regional Scope



The purpose of this research is to provide stakeholders in the industry with a thorough insight into the China Banking-as-a-Service (BaaS) Market. The study includes an analysis of difficult data in simple language, as well as the industry's historical and current state, as well as anticipated market size and trends. The market report examines all segments of the industry, with a focus on significant players such as market leaders, followers, and new entrants. The report includes a PORTER, PESTEL analysis as well as the possible influence of microeconomic market determinants. External and internal elements that are expected to have a favorable or negative impact on the firm have been examined, providing decision-makers with a clear future vision of the industry. The research also aids in comprehending the China Banking-as-a-Service (BaaS) Market dynamics and structure by studying market segments and forecasting market size. The research is an investor's guide since it depicts the competitive analysis of major competitors in the China Banking-as-a-Service (BaaS) Market by product, price, financial situation, product portfolio, growth plans, and geographical presence.


Breakthroughs in the industry are discussed, as well as organic and inorganic growth plans. Various companies are focusing on organic growth strategies such as new product releases, product approvals, and other items such as patents and events. Inorganic growth strategies used in the industry included acquisitions, partnerships, and collaborations.


China Banking-as-a-Service (BaaS) Market Players:

  • OneConnect
  • Du Xiaoman Financial
  • Jeidaibao
  • Shanghai Shudan Information Technology
  • DaoKou Fintech
  • Aibao Technology
  • Tigerobo
  • DataGrand

Frequently Asked Questions

China Banking-as-a-Service (BaaS) revenue is expected to grow at 17.3% through 2024 to 2030.

Chapter 1 Scope of the Report
Chapter 2 Research Methodology

      2.1. Research Process
      2.2. China Banking-as-a-Service (BaaS) Market: Target Audience
      2.3. China Banking-as-a-Service (BaaS) Market: Primary Research (As per Client Requirement)
      2.4. China Banking-as-a-Service (BaaS) Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape

      4.1. Market Share Analysis, By Value,2023-2030
            4.1.1. Market Share Analysis, By Region, By Value,2023-2030 (In %)
         China Market Share Analysis, By Value,2023-2030 (In %)
            4.1.2.  Market Share Analysis, By Type, By Value,2023-2030 (In %) 
         China Market Share Analysis, By Type, By Value,2023-2030 (In %)
            4.1.3. Market Share Analysis, By Enterprise, By Value,2023-2030 (In %)
         China Market Share Analysis, By Enterprise, By Value,2023-2030 (In %)
            4.1.4.  Market Share Analysis, By Service, By Value,2023-2030 (In %)
         China Market Share Analysis, By Service, By Value,2023-2030 (In %)
      4.2. Stellar Competition matrix
            4.2.1. China Stellar Competition Matrix
      4.3. Key Players Benchmarking 
            4.3.1. Key Players Benchmarking by Type, Pricing, Market Share, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
      4.4. Mergers and Acquisitions in Industry
            4.4.1. M&A by Region, Value and Strategic Intent
      4.5. Market Dynamics
            4.5.1. Market Drivers
            4.5.2. Market Restraints
            4.5.3. Market Opportunities
            4.5.4. Market Challenges
            4.5.5. PESTLE Analysis
            4.5.6. PORTERS Five Force Analysis
            4.5.7. Value Chain Analysis
Chapter 5 China Banking-as-a-Service (BaaS) Market Segmentation: By Type
      5.1. China Banking-as-a-Service (BaaS) Market, By Type, Overview/Analysis,2023-2030
      5.2. China Banking-as-a-Service (BaaS) Market, By Type, By Value, Market Share (%),2023-2030 (USD Billion)
      5.3. China Banking-as-a-Service (BaaS) Market, By Type, By Value, - 
            5.3.1. API-based BaaS
            5.3.2. Cloud-based BaaS
Chapter 6 China Banking-as-a-Service (BaaS) Market Segmentation: By Enterprise
      6.1. China Banking-as-a-Service (BaaS) Market, By Enterprise, Overview/Analysis,2023-2030
      6.2. China Banking-as-a-Service (BaaS) Market Size, By Enterprise, By Value, Market Share (%),2023-2030 (USD Billion)
      6.3. China Banking-as-a-Service (BaaS) Market, By Enterprise, By Value, - 
            6.3.1. SMEs
            6.3.2. Large Enterprises
Chapter 7 China Banking-as-a-Service (BaaS) Market Segmentation: By Service
      7.1. China Banking-as-a-Service (BaaS) Market, By Service, Overview/Analysis,2023-2030
      7.2. China Banking-as-a-Service (BaaS) Market Size, By Service, By Value, Market Share (%),2023-2030 (USD Billion)
      7.3. China Banking-as-a-Service (BaaS) Market, By Service, By Value, - 
            7.3.1. Banking IaaS
            7.3.2. Banking as a Platform
            7.3.3. FinTech SaaS
            7.3.4. NBFCs
Chapter 8 China Banking-as-a-Service (BaaS) Market Segmentation: By Region
      8.1. China Banking-as-a-Service (BaaS) Market Size, By Value,2023-2030 (USD Billion)
            8.1.1. China
Chapter 9 Company Profiles
      9.1. Key Players
            9.1.1.  OneConnect
         Company Overview
         Type Portfolio
         Financial Overview
         Business Strategy
         Key Developments
            9.1.2. Du Xiaoman Financial
            9.1.3. Jeidaibao
            9.1.4. Shanghai Shudan Information Technology
            9.1.5. DaoKou Fintech
            9.1.6. Aibao Technology
            9.1.7. Tigerobo
            9.1.8. DataGrand
      9.2. Key Findings
      9.3. Recommendations

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