A senior official from the China Banking and Insurance Regulatory Commission (CBIRC) has warned companies of the risks that attend the flourishing growth of the country’s fintech sector.
“We are currently in the ascendant phase of a a new information revolution,” said Fan Wenzhong (范文仲), a senior official from CBIRC’s International Department, during the keynote speech at the 3rd Global Fintech (Beijing) Summit (第三届全球金融科技（北京）峰会) held by the China Finance 40 Forum.
“History has proven that all innovations magnify risk…risk management will be the key work in future,” said Fan.
“In future financial institutions must establish correct financial values, and should all service the lives of the common people and urban development.”
Fan also called for non-financial enterprises to exercise caution when undertaking financing, as well as for greater cooperation between Chinese regulators and financial institutions
“Financial institutions, tech enterprises, regulators and industry disciplinary associations must jointly establish an excellent financial ecosystem.”