China to further tighten reins on fintech companies

It vows to eliminate monopolistic practices, boost risk controls in industry

Analysts estimate that Ant's US$280 billion valuation could be cut in half due to stricter regulations. Its initial public offering was derailed last week amid a widening fintech crackdown.
Analysts estimate that Ant's US$280 billion valuation could be cut in half due to stricter regulations. Its initial public offering was derailed last week amid a widening fintech crackdown. PHOTO: REUTERS
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BEIJING • China's top banking watchdog doubled down on a renewed push to rein in financial technology companies such as Ant Group, promising to eliminate monopolistic practices and strengthen risk controls in the industry.

The news sent Chinese technology shares tumbling for a second day, wiping out more than US$200 billion (S$270 billion) of value.

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A version of this article appeared in the print edition of The Straits Times on November 12, 2020, with the headline China to further tighten reins on fintech companies. Subscribe