Chinese Central Bank Governor Warns of Monopoly Risks of Fintech Development

The head of the Chinese central bank has signalled the authority's commitment to efforts to prevent big data and other forms of fintech leading to monopolies in the financial sector. Yi Gang (易纲), the governor of the People's Bank of China (PBOC), said that in future the authority will "make effective use of regulatory collaboration with anti-trust authorities to restrain monopolistic conduct such as abuse of advantageous market position, and actively respond to new trust issues such as discriminatory algorithms." Yi made the remarks during a speech delivered before the Bank for International Settlements (BIS). "Chinese fintech has seen flourishing…