In China, tech giants such as Baidu, Alibaba and Tencent have built their own ecosystems, while newer entrants such as news and content platform Toutiao, e-commerce Meituan-Dianping and ride-hailing app Didi are strengthening their core businesses.
The report noted that the Internet penetration rate in China is 60 per cent, which works out to almost three times the number of Internet users in the US.At 583 million users,"there are more people who make payments with their phones in China than there are people in the US", it said. But what is striking is how tech firms such as Facebook, Line and Gojek are taking a leaf out of their Chinese counterparts' playbook in transforming their apps into super apps.
These super apps are a one-stop shop for services such as messaging, shopping, ride-hailing and mobile payments.It ranks citizens according to their trustworthiness, relying"on a series of rewards and punishments meant to encourage people and businesses to abide by rules". "In reality, there is no central scoring system but a patchwork of different schemes and apps with differing criteria across provinces, cities and villages," it said.
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