The former governor of the Chinese central bank has weighed in on the future of fintech in China during a speech delivered at an academic event held in Shanghai.
In a keynote speech delivered at the Shanghai Advanced Institute of Finance (SAIF) on 1 July Zhou Xiaochuan, former governor of the People’s Bank of China (PBOC) discussed the relationship between the financial sector and information technology.
With regard to the future growth of fintech, Zhou stressed the need to warn the big tech giants of the potential for “the winner to take it all,” as well as for new technologies to disrupt financial inclusion.
Zhou also stressed the need for China to pursue its own independent path of development with regards to fintech.
“In future, China should conduct research and summary of current experiences and lessons, market observations and technological options, and at the same time develop a unique path which supports innovative technological development while also maintaining systemic continuity and preventing the emergence of large-scale risk or fraud,” said Zhou.