China’s Regulators Vow ‘Special’ Oversight of Fintech Giants
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China plans to impose “special and innovative regulatory measures” on financial technology behemoths such as Jack Ma’s Ant Group Co. to eliminate monopolistic practices and strengthen risk controls.
Advances in technology have brought tremendous change to the financial sector, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party Secretary of the central bank, wrote in an article outlining regulations over the next five years. It was cited in the official Shanghai Securities News.