The growth in China's financial technology industry may look like it's peaking given the wide usage of internet payments, but the sector has yet to reach its full potential, one fintech firm told CNBC on Monday.
The world's second-largest economy already has one of the highest fintech adoption rates, according to a 2017 report by consultancy EY. The report found that 69 percent of digitally active consumers in China use fintech services, compared to 33 percent in the U.S.
But a large portion of the current growth is driven by payments, David Ye, co-founder and chairman of Rong360, told CNBC's Akiko Fujita at the Boao Forum in Hainan, China.
"China has been leading in some fintech space such as payments. China is way ahead of other leading countries in payments with 60 or 70 percent of penetration," Ye said.