Mobile payments will not become a major factor in China despite increased innovation in tech and financials, Allianz’s Christina Chung has said.

Citywire + rated Chung currently has 29.2% of the Allianz China Equity fund allocated to IT and 26.3% allocated to financials.

While there has been growth in the so-called ‘FinTech’ area, Chung told Citywire Selector the IT sector is largely comprised of internet-focused companies.

‘The space is dominated by online platforms, many of which are listed in the US. From the share price performance, they tend to be sensitive to how foreign investors, for example in the US, are viewing the Chinese economy.