Financial technology is there to serve the economy at large: Chinese top regulator regulator Jian Yang was not holding back when he discussed the rapid spread of fintech in Asia. The message from the government is clear enough.
Jiang Yang, the vice chairman of China's Securities Regulatory Commission, said the development of financial technology needs to underpin the wider economy. Speaking at the Asian Financial Forum in Hong Kong, Yang told fintech entrepreneurs that the technology they developed needed to support the collective good rather than profiting just a small group of people.
With the Chinese government becoming increasingly cagey on financial risks brought about by the rapid growth in fintech, the regulator went on to say that the country will support the fintech firms that can benefit the real economy.
With Greetings From China
China is by far the largest global market for digital payments and the Chinese fintech entrepreneurs have used their domestic success to push into other Asian markets and beyond reaching as far as Switzerland and Australia.
Aberdeen Standard's Brett Diment recently wrote in an exclusive contribution for finews.asia that fintech will increasingly be associated with Beijing, Shenzhen and Hangzhou instead of Silicon Valley.
