Pan Gongsheng, deputy governor of the People’s Bank of China, said on Tuesday that financial technology (fintech) should be regulated in accordance with the law and in line with policy initiatives intended to prevent financial risks, according to local media. Photo: Simon Song

China’s fintech industry needs regulation to avoid risk build-up, central bank says

  • While financial technology brings efficiencies, its risks must be closely regulated, warns People’s Bank of China deputy governor Pan Gongsheng
  • Government’s deleveraging campaign a costly lesson of what can go wrong if risks not kept in check
Topic |   China economy

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Pan Gongsheng, deputy governor of the People’s Bank of China, said on Tuesday that financial technology (fintech) should be regulated in accordance with the law and in line with policy initiatives intended to prevent financial risks, according to local media. Photo: Simon Song
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.