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China Fintech Regulation Vow Met With Cool Reaction

The prospect of sweeping new regulations on China’s fintech sector has been downplayed despite the People’s Bank of China (PBOC) foreshadowing its desire to create new rules to govern the sprawling sector.

Regulators Are ‘Very Smart’
Executives at major Chinese investment funds and payments firms have said they see nothing to fear in the PBOC’s signalled regulatory track.
“I think the regulators are very smart. They can judge which are the real new things which will hurt [the economy],” Geoswift chief executive Raymond Qu told PaymentsCompliance in an interview.
Like McGinty, he said regulators typically only step in after identifying widespread malpractice, like they have done in recent months to clean up the country’s so-called grey economy of informal and peer-to-peer finance.
“China has become more and more open than before,” Qu said of the overall regulatory stance towards fintechs.

Excerpt from PaymentsCompliance, 2019

Apr-4-2019 / Latest News, Media Coverage

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