When Dr Ruifeng Liu was transferred to China, it was to help the Postal Savings Bank of China roll out consumer banking for the first time through their 40,000 branches. A decade later, even banks of this size are at risk of being sidelined by a pair of young upstarts.In episode 4 of How to Lend Money to Strangers, I speak to Dr Zhong Liu and Dr Ruifeng Liu - both of whom have extensive credit careers spanning the West and the East - about the consumer credit landscape in China, what factors enabled the astronomic growth of AliPay and WeChat Pay, and the complications have arisen alongside it. You can find a full written transcript of the show at https://www.howtolendmoneytostrangers.show/episodes/episode-04    Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.