A former senior official with China’s banking regulator has warned of the dire competition implications for the finance sector of big companies forming data monopolies.
Wang Zhaoxing (王兆星), former vice-chairman of the China Banking Regulatory Commission (CBRC) called for “strengthened data standardisation, and the prevention of certain market actors from using their technological advantages to exclusively enjoy the benefits of data.”
“Industry giants have formed a definite monopoly over public data with high commercial value, exacerbating unfair competition in the finance sector,” said Wang.
The former CBRC offical made the remarks on 15 December at the 2020 4th China Internet Finance Forum (2020第四届中国互联网金融论坛).
Wang said that at present the biggest impediment faced by financial data flows in China is the problem of data ownership, including the lack of clear borders in relation to data ownership, the lack of transparent data allocation regulations and weak mechanisms for dispute resolution, leading to data entities lacking “initiative” in developing data transactions.
For this reason Wang advocates improving the regulation of financial data in China, via strengthening of the quality and management of data, the establishment of financial data standards, and the unification of regulations and technical requirements for financial data.