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China Should Beware of Fintech Monopoly: Daily

CHINA PRESS

China should be aware of systemic risks from the rapid development of fintech firms, Beijing Business Daily reported citing former Minister of Finance Lou Jiwei. Some fintech companies have insufficient risk retention and unclear data ownership and their data collection and risk assessment process may be skewed, Lou said. He said that China should avoid a "too big to fail" approach and encourage competition by limiting the number of banks a single platform can work with at the same time.

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