Analyzing China’s Fintech Industry from the Perspective of Actor–Network Theory

• Applies the lens of actor–network theory to conduct a multi-level analysis of the historical development of China’s financial technology industry.
• The process of building and disrupting a variety of networks comprising heterogeneous actors involved in the newly emerging convergence industry.
• The interaction between fintech and its yet unfolding social and political context.
• Policy implications for China’s fintech industry.

The rapid development of information and communications technology is transforming the entire industry landscape, heralding a new era of convergence services. As one of the developing countries in the financial sector, China is experiencing an unprecedented level of convergence between finance and technology. This study applies the lens of actor–network theory (ANT) to conduct a multi-level analysis of the historical development of China’s financial technology (fintech) industry. It attempts to elucidate the process of building and disrupting a variety of networks comprising heterogeneous actors involved in the newly emerging convergence industry. This research represents a stepping stone in exploring the interaction between fintech and its yet unfolding social and political context. It also discusses policy implications for China’s fintech industry, focusing on the changing role of the state in fostering the growth of national industry within and outside of China.