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China to Encourage Fintech Innovation while Improving Risk Control, According to Nation's Banking and Insurance Regulatory Commission Official

One of China’s top banking regulators has called into question the power of the nation’s large Fintech firms and suggested taking “timely and targeted measures to prevent new systemic risks.”
As reported by CNBC, the Chinese official’s comments seem to indicate that more regulations are needed in the country’s fast-growing Fintech industry.
During the past few months, Chinese authorities have expressed concerns regarding the size of its tech giants and the scope of their operations. The nation’s regulators have proposed various draft rules in order to regulate the use of customer data and have also tried to address antitrust issues. ....

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