Online Finance Will Trigger Next Financial Crisis: Bank of China Chief

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The chair of one’s China’s big four state-owned banks has warned of the perils of fintech and online finance.

Chen Siqing (陈四清), chair of the Bank of China, said that the next financial crisis would arise as a result of online finance.

Chen made the remark at the 2018 Lujiazui Forum held in Shanghai, during a discussion on “Establishing a World Economic Growth and Financial Regulatory System Amidst Economic Globalisation.”

Tu Guangshao (屠光绍), vice-chair and general manager of the China Investment Corporation, had a more sanguine take on the issue during the discussion.

According to Tu fintech would create a more stable financial system, while “fintech possesses vitality.”

Tu said that it would be necessary to prevent any risk brought about by fintech, however, and that for this reason appropriate regulatory measures needed to be put in place.

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