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“Going through the fast progress of fintech, we are going to undertake a constructive and prudent method. We’ll encourage innovation whereas enhancing danger management, in order to handle new issues and challenges,” Guo Shuqing, chairman of the China Banking and Insurance coverage Regulatory Fee (CBIRC), stated throughout a speech on the Singapore Fintech Pageant working via Dec. 11.
Except for cybersecurity, the opposite space of concern is curbing the facility of huge FinTech giants in China, Guo stated, however he didn’t title any firms.
“Some large tech function cross-sector enterprise with monetary and know-how actions beneath one roof. It’s essential to carefully comply with this spillover … and take well timed and focused measures to forestall new systemic dangers,” he stated.
Alibaba’s Alipay, an Ant Group affiliate, and Tencent’s WeChat are the 2 dominant FinTechs in China, providing cell funds and different monetary providers.
It’s also crucial to start out “clarifying information possession,” Guo stated. He added that large tech companies have “de-facto management over information” and it’s “essential to make clear information rights of various events.”
Ant Group’s proposed preliminary public providing in November in Shanghai and Hong Kong was pulled days earlier than its debut and adopted its assembly with regulators.Final month, China’s State Administration for Market Regulation (SAMR) issued draft rules to oversee big tech companies in eCommerce and payments services. The goal of the new regulations is to reel-in anti-competitive behavior.
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