Impact of fintech companies on traditional banking models in China: an analysis of current trends

The article deals with the issues related to the impact of fintech companies on traditional banking models in China, which are currently the driver of economic development. We have defined the concept of "fintech companies", and emphasized the importance of attracting fintech companies to the banking sector considering it as a breakthrough in innovative technologies implementation. The study shows the advantages of cooperation between banking system and fintech companies in the market, as well as main obstacles and barriers to the transformation of the traditional banking model in China. We have developed practical recommendations to improve the efficiency of traditional banking models in China through the creation of fintech companies. In our opinion, the use of an integrated approach to the transformation of traditional banking models, which consists in integrating the joint efforts of the administration of fintech companies, banks themselves, and the government, will allow achieving positive results and success in the market in the long term.