China’s bank regulator takes aim squarely at big fintech
Speaking at a virtual forum on Tuesday, Guo Shuqing left no one in any doubt as to how China views its big fintech firms. Beijing has come to distrust and even fear them, and the era of big regulation has just begun.
Guo Shuqing rarely minces his words. When there’s something to say, he does not hold back. True to form, speaking virtually to participants at Singapore’s Fintech Festival on Tuesday, the chief banking regulator took a sword to China’s once mighty – and now more than a little wobbly – financial technology giants.
Five weeks after Beijing moved to cancel Ant Group’s blockbuster IPO, the head of the China Banking and Insurance Regulatory Commission delivered a carefully crafted speech heavy with undisguised intent.
Guo began gently, bearing carrots, not sticks. Fintech had made financial services “more efficient and inclusive”, he said.