Pacific Epoch report -- "China added 5.33 million new broadband Internet users from January to May 2005, according to statistics released by Ministry of Information Industry (MII) on Tuesday. At the end of May, China had 30.18 million broadband Internet users. From January to May, revenues from China's telecommunications industry totaled 232.81 billion Yuan, up 10.9 percent year on year. China gained 44.78 million telephone users from January to May to reach 692 million total users. The number of fixed line users increased by 21 million to reach 330 million users and the number of mobile phone users increased by 23.73 million to reach 360 million users. From January to May, 114.78 billion SMS messages were sent in China, up 36.9 percent from the same period in 2004."
The BaaS model has been adopted across a wide range of industries due to its ability to streamline financial processes for non-banks and foster innovation. BaaS has several industry-specific use cases, where it creates new revenue streams. Banking as a Service (BaaS) is rapidly emerging as a growth market, allowing non-bank businesses to integrate banking services into their core products and online platforms. As defined by Juniper Research, BaaS is "the delivery and integration of digital banking services by licensed banks, directly into the products of non-banking businesses, commonly through the use of APIs." BaaS Market Development The core idea is that licensed banks can rent out their regulated financial infrastructure through Application Programming Interfaces (APIs) to third-party Fintechs and other interested companies. This enables those organizations to offer banking capabilities like payment processing, account management, and debit or credit card issuance without