China could restrict bank tie-ups with fintech platforms, official says

BEIJING ࢀ" Chinaࢀ™s former fi nance minister Lou Jiwei suggested that China could restrict the number of banks a single fintech platform can partner with, to prevent any platform from gaining too much market share, state media reported on Sunday. Speaking at a wealth management forum on Saturday, Lou, who remains influential as the external a ff airs director at a top advisory body to the Chinese government, warned that a fintech platform with an oversized market share can lead to bad debts, the Securities Times said. ࢀœWe can limit the number of banks that any single platform can work…