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China Opposes Fintech Monopolies: Daily

CHINA PRESS

Chinese regulators' two discussions with the Ant Group on financial regulation since Nov. 2 showed that they are determined to break up monopolies by fintech giants and regain control of the financial market, the Economic Daily wrote in an editorial. The control of personal and transactional data by large fintech platforms poses systemic risks, as many users are connected to commercial banks through third-party payment options without oversight, wrote the newspaper. Fintech platforms may also provide illegal lending using technological advantages to bypass geographical and licensing restrictions, the Daily's editorial said.

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