Today:

12/05/2021

Does China have its eyes on London’s finance crown?

Share this article

China’s Newest FinTech Measures

Learn how China’s new draft rules could potentially affect some of the country’s top e-commerce firms and how it affects not only The City of London but the global finance industry worldwide.

If you know anything about the growing Fintech industry you will understand the appeal of foreign fintech settlement in the Pacific-Asian markets –especially China. The expanding consumer base grouped with a prosperous fiscal framework and expansion of currency transactions has caused many start-up companies to establish themselves outside of China, but this is about to change.

Following this week’s surprise draft publication of antitrust regulations from the Chinese government, the appeal of fintech prosperity in the Asian-Pacific market has shaken global investors to their core—ultimately resulting in billion-dollar losses in market value from some of the worlds largest tech companies.

While many may argue that the proposed regulations are meant to protect the competition’s integrity, much like the European Union’s newly revealed regulations for e-commerce and crypto-currency platforms, the Chinese government’s approach is entirely divergent from their previous non-intervention governance of the industry.

Although Xi Jinping and his government have released little word on why they are now deciding to implement change within the tech industry, new sources worldwide believe that recent accusations of personal data collection on Chinese citizens may be one of the leading causes behind the changes. On the other side of the spectrum, the new implementation rules could theoretically reduce compliance costs for small business operators and encourage economic health.

Nonetheless, the Chinese government’s lack of detail has left a lot of the tech industry’s top moguls wondering whether the new regulations are legit or whether they have been put in place to entice fear amongst some of the larger corporations. Nonetheless, we will have to wait and see what the Chinese government’s next moves are regarding their market integrity and implementing penalties against fintech moguls in the near future. More to come soon.

Similar Articles

Don't Miss

Jobs available in Cheshire

Bordering Greater Manchester and Merseyside, Cheshire has many opportunities. Warrington, a large town within Cheshire, has many openings for labourers across every sector, skill or unskilled. Unilever has a large factory where detergents are made.

Employment prospects for the over 50’s has been hard hit by the Covid 19 pandemic

Official data reveals that a large proportion of the over-50s have employees have worked fewer hours and are more likely to have been made redundant in the wake of the pandemic

Brexit dispute over fishing rights in Jerseys water is ‘resolved’ for now, Prime Minister Johnson says

On Thursday morning, more than 50 French fishing boats gathered near the port of Jerseys capital of St Helier to protest post-Brexit fishing rights. In response to this the UK sent two Royal Navy patrol ships to Jersey, a British Crown Dependency, as a “precautionary measure”. Tension then escalated as France deployed two of their maritime patrol boats to the waters.