China Vows Escalation in Clampdown on Fintech’s Dominance
- China has issued spate of new rules roiling China tech stocks
- Regulator push halted record share sale by Ant this month
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China’s top banking watchdog doubled down on a push to rein in financial technology companies such as Ant Group Co., promising to eliminate monopolistic practices and strengthen risk controls in the industry.
Liang Tao, a vice chairman of the China Banking and Insurance Regulatory Commission, said at a conference in Beijing on Wednesday that fintech companies don’t change the nature of the financial industry and regulators should be attentive to the risks and challenges of digitization. Firms should be subject to the same supervision and risk management requirements as banks, he said.