(Yicai Global) Sept. 20 -- The "winner-takes-all" attribute of large financial technology companies may trigger a market monopoly and reduce innovation efficiency, said the top official of the People's Bank of China (PBOC).
The fast development of financial technology in China has helped its e-commerce, poverty alleviation and anti-pandemic measures, but it has also revealed problems such as payment institutions "penetrating" the financial sector, PBOC Governor Yi Gang said at the Conference on Fintech and the Global Payments Landscape co-hosted by the PBoC and the Deutsche Bundesbank.
Yi noted in his openning speech that all financial activities should be supervised and financial businesses must be operated with licenses.
He also vowed to strengthen anti-monopoly regulations to give consumers more choices.
China issued antitrust guidelines on the country's platform economy in February, signaling strengthened antitrust enforcement against monopolistic behaviors in the country's internet platform sector.
Editor: Chen Juan