by China is getting a grip on its financial centre before it's too late. China should consider further tightening control over fintech giants by restricting the number of banks they can partner with, the Securities Times cited a former finance minister as saying.Lou said China needs to prevent a “winner-takes-all” and “too-big-to-fail” situation in fintech, according to the report. He joined a chorus of voices from the nation’s top financial regulators vowing to step up oversight over the industry’s giants. Authorities last month published draft rules overhauling the nation’s microlenders, which led to the abrupt halt to Ant Group Co.’s billion initial public offering in Hong Kong and Shanghai.China Ex-Minister Sees Curbing of Fintech, Bank Tie-Ups: Report Bloomberg News
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China is getting a grip on its financial centre before it's too late.
China should consider further tightening control over fintech giants by restricting the number of banks they can partner with, the Securities Times cited a former finance minister as saying.
Lou said China needs to prevent a “winner-takes-all” and “too-big-to-fail” situation in fintech, according to the report. He joined a chorus of voices from the nation’s top financial regulators vowing to step up oversight over the industry’s giants. Authorities last month published draft rules overhauling the nation’s microlenders, which led to the abrupt halt to Ant Group Co.’s $35 billion initial public offering in Hong Kong and Shanghai.
China Ex-Minister Sees Curbing of Fintech, Bank Tie-Ups: Report Bloomberg News