Pedestrians on the Nanjing Road shopping thoroughfare in Shanghai on Monday, April 20, 2020. Photo: Bloomberg
Pedestrians on the Nanjing Road shopping thoroughfare in Shanghai on Monday, April 20, 2020. Photo: Bloomberg

Fintech firms must behave like banks, China regulator says as it ring-fences runaway industry to rein in potential risks

  • China banking regulator vice-chairman Liang Tao says fintech firms should observe same ongoing risk and compliance requirements as banks
  • Liang’s remarks offer a first glance into the thinking by Chinese regulators since they put Ant Group’s US$39.67 billion IPO on hold

Topic |   Financial regulation
Pedestrians on the Nanjing Road shopping thoroughfare in Shanghai on Monday, April 20, 2020. Photo: Bloomberg
Pedestrians on the Nanjing Road shopping thoroughfare in Shanghai on Monday, April 20, 2020. Photo: Bloomberg
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