People’s Bank of China

China’s fintech businesses has grown by leaps and bounds since 2011 buoyed by the leadership’s efforts to expand financing services to small companies and individuals. Photo: Alamy Stock Photo

Tightening regulations makes fintechs easy takeover targets

Embattled financial technology businesses in China, which have come under tightened regulatory scrutiny, are becoming acquisition targets by mainland banks accelerating their digitalisation drive, according to global management consultancy McKinsey.