When China's fintech 'mistress' was brought to heel

What the humbling of Jack Ma reveals about China's position on the tension between innovation and stability

ST ILLUSTRATION: MIEL
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When China's richest man Jack Ma took on the country's financial watchdogs late last month, he knew it was risky and that there could be repercussions.

It was a bold but baffling move to say the least, with less than two weeks to go before his fintech giant Ant Group's US$37 billion (S$50 billion) initial public offering (IPO) - the world's largest stock market debut.

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A version of this article appeared in the print edition of The Straits Times on November 14, 2020, with the headline When China's fintech 'mistress' was brought to heel. Subscribe