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Challenges these banks face also include less access to clients and data, increasing demand of improving user experience and loss of young clients, according to the report.

Charles d'Haussy, head of fintech at Invest Hong Kong, which is responsible for foreign direct investment or FDI, said the mainland's fintech sector is set for explosive growth, and can do with some guidance from Hong Kong, which has gathered tremendous expertise in the field over the years.

Cement and textile machinery were among the sectors that declined the most. Sichuan Shuangma Cement lost 9.98 percent to close at 17.94 yuan per share, while Geron dropped 7.03 percent to close at 17.20 yuan per share.

Change in value is the other main factor, according to Wang.

Che Jun, the provincial Communist Party chief, demanded all-out efforts to treat the injured. He said a thorough investigation should be conducted into the cause of the blast, and that extensive checking is needed to rule out potential hazards that undermine public safety.