Fintech products promoted at a Chinese bank's booth at a financial expo in Shanghai in September. China's former finance minister Lou Jiwei suggested that China could restrict the number of banks a single fintech platform can partner with, to prevent anyplatform from gaining too much market share, state media reported on Sunday. China's regulators last month warned the country's tech giants that they face closer scrutiny, Reuters reports. Many of these companies have gathered large amounts of user data in the course of providing their services. A securities watchdog official said Beijing should consider imposing a digital tax on technology companies that hold copious amounts of user data, state media said last week.

Source: The Standard December 20, 2020 06:22 UTC