Xi Jingping approves development for a 'healthy' Chinese fintech space

Xi Jinping, China's President, headed a meeting last Wednesday approving development plans for a 'healthy' fintech sector. The meeting, centred around the commission for deepening overall reform, backed enhancing regulations for various major payment platforms. China Central Television also reported that the country will be adding companies on their shortlist to encourage them to return to their fintech origins. China was previously hesitant on backing domestic fintech firms such as Ant Group, with state authorities pulling the plug on the firm's IPO due to its founder Jack Ma speaking on how financial watchdogs were 'stifling innovation' to the sector. But…