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China Ex-Minister Sees Curbing of Fintech, Bank Tie-Ups: Report Bloomberg News

Summary:
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

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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