China needs to prevent potential........>

CHINA PRESS: China needs to prevent potential risks from financial technology

innovations (fintech) given uncertainties about its impact on liquidity, credit

and financial system operations, the Financial News, a journal run by the

People's Bank of China, said in a commentary Monday. Advantages from new

developments in data and technology are causing banks, securities firms and

insurance companies to merge fintech into traditional transaction activity at a

rapid pace, the commentary said. But potential risks have been accumulating and

could spill over to the financial system as a whole, the commentary warned.

There are challenges ahead in optimizing the construction of fintech

infrastructure, improving regulation, building up a relevant legal system as

well as protecting consumer's rights and interests, the commentary said.

(Financial News)