FINANCIAL TECHNOLOGY | Staff Reporter, China

DBS' CEO welcomes China's fintech clampdown: report

Piyush Gupta calls the stricter guidelines is “helpful”.

DBS Group CEO Piyush Gupta has welcomed regulators’ increased regulatory scrutiny of financial technology (fintech) companies in China and in other parts of Asia, saying it will create fairer competition with banks that have been subject to stricter oversight.

“Over time you will start getting a more level playing field, and you’ll start getting a proportionate and even regulatory response to all participants in the market,” Gupta said in an interview with Bloomberg Television.

Also Read: Ant Group's IPO fiasco signals stricter fintech regulation in China: S&P

Gupta spoke after being asked for his view on the shelving of Ant Group’s initial public offering in China as regulators seek to level competition between fintech giants and traditional banks.

“Our view has been in the past that many technology companies have been able to benefit from the arbitrage of not having the same regulatory regime and supervision overhead that banks do,” Gupta said. “And so as we get to that stage that’s actually helpful to us.”

Chinese regulators this month outlined new rules to curb the rapid growth and leverage at the nation’s more than 200 micro-lenders, putting a surprise halt to Ant’s $35b IPO.

Here’s more from Bloomberg.

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