According to Nikkei Asia, in the past ten years,Chinese banks and technology companies lead the world in fintech patent applications, overtaking the U.S.. Fintech encompasses a wide range of financial services, from lending and asset management to cryptocurrencies.
Industrial and Commercial Bank of China and Tencent lead the way in patent applications
Consulting firm McKinsey estimates that the global financial technology industry could triple between 2025 and 2030, reaching $2 trillion.
Nikkei collaborated with Tokyo-based research firm Patent Result to investigate fintech-related patent applications in 118 countries and regions in the ten years to 2025. Data show that the total number of relevant patent applications reached approximately 120,000, nearly three times that of the previous decade.
China accounted for 38% of all applications, followed by the United States (17%), South Korea (9%) and Japan (8%). The number of patent applications in China is 10 times that of the previous decade. In the previous decade, China ranked third, behind the United States and South Korea.
Looking at individual companies, Industrial and Commercial Bank of China tops the list with 3,198 patent applications. The top five are all Chinese companies, including China Construction Bank and Tencent. Among the top 50 in the world, Chinese companies occupy 22 seats, and state-owned banks are the main driving force for technological development.
The highest-ranked U.S. company is Mastercard in sixth place. In the last ten-year cycle, U.S. companies such as Bank of America occupied the top spot.
China’s patent applications also perform well in terms of quality.In terms of patent value and competitiveness scores, China ranks first, followed by the United States and Japan. Among enterprises, e-commerce giant Alibaba ranks highest.
China is particularly prominent in using AI to develop new technologies. ICBC uses AI to predict loan risks, assess customer credit status by analyzing customer behavior and income, and predict the possibility of customer default. The bank also owns a related patent for planning a more efficient ATM banknote replenishment program based on user location data, weather and other information, thereby reducing operating costs.
Virtual currency and blockchain technology are also areas of advantage for Chinese companies. The Bank of China has systems for secure and automated cryptocurrency transfers, as well as technology for managing customer risks and transactions on the blockchain. The cross-blockchain secure asset transfer system developed by Tencent is also highly praised.
At the same time, Japan is clearly lagging behind in this field, and its number of financial technology patent applications is only about 20% of China's. The highest-ranking company in Japan is Toshiba Tec, which is engaged in the point-of-sale system (POS) business, ranking 18th.