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China Lays Out 5-year Regulatory Plan Aimed at Curbing Fintech Consolidation

In an effort to combat monopolies and bolster risk control, China is planning “special and innovative regulatory measures” on fintech giants like Ant Group Co. So reports Bloomberg.

china 156219 640smallRecently, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party Secretary of the central bank, outlined a new five-year regulatory plan to that effect in an article cited by the Shanghai Securities News. Guo is the “highest ranking regulator to weigh in on the issue” after officials put a stop to Ant Group’s planned record-breaking initial public offering.

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