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