Zhu, Yueteng; Lu, Jiajun - 2023
competition between FinTech companies and banks in the deposit market. Using proprietary data from a leading Chinese FinTech … company, we study a money market fund with deposit-like features, available through a widely-adopted payment platform in China … document several novel findings: (i) In the short run, FinTech competition induces negative deposit demand shocks and crowds …