Knowing our Lithuanian ability to make wax out of shit and to disappear with the money raised, I always watched with distrust as the Lithuanian government pushed start-ups in the field of fintech. If we fly here like bees to honey, then something is wrong here. In China, fintech is already well developed. The Chinese government is taking care of fintech and showing us what is wrong with fintech:
"Even after the Ant restructuring order, a Xinhua News Agency article said, "Some internet financial platform firms with similar problems hold a wait-and-see attitude and lack of consciousness to carry out rectification."
The regulators, spearheaded by Vice Premier Liu He, Mr. Xi's economic captain, also want to subject all the big tech firms involved in financing to greater capital and reserve requirements as well as data regulations. At the core of the clampdown is their payment businesses, which have powered Chinese Big Tech's forays into finance and have emerged as stiff competitors to state banks, which traditionally processed payments.
WeChat, Tencent's ubiquitous messaging platform, has more than one billion users, many of whom use its popular payments service, WeChat Pay. According to S&P Global Market Intelligence, 95% of Chinese internet users surveyed last year said they use WeChat Pay, the same as Ant's equally popular Alipay. Online retailer JD.Com sells some wealth management products and makes consumer loans, while ride-hailing company Didi and other technology firms have also ventured into unsecured lending and other financial services.
Under the guidelines regulators released Thursday, the tech firms must "disconnect the improper connection between payment tools and other financial products." The vague language indicates that the ability for the firms to channel funds from their payment apps into lending and money-management activities would be severely curtailed.
Regulators want to limit the use of the payment apps by the corporate sector, which could significantly hurt the growth of the tech firms' payment business. In addition, by trying to break what the central-bank statement calls control over data, the People's Bank of China signaled its intention to get the tech giants to share their troves of consumer-credit data. The regulators believe that the firms' control over such data gives them an unfair competitive advantage over small lenders or even big banks through swaths of personal information harnessed from their payment apps. Alipay, for instance, is used by more than a billion people and has voluminous data on consumers' spending habits.
"We're seeing the beginning of what could be a fundamental shift in the model for fintech in China," said Martin Chorzempa, a research fellow at the Peterson Institute for International Economics who specializes in China's economy. "This seems to be an attempt to reverse course entirely from the China super app model that has proven so revolutionary."" [1]
It
turns out that thieves in the Lithuanian government organize gatherings
of thieves in the Lithuanian fintech, because it is easy to disappear
here with the collected money.
1. China Steps Up Oversight of Tech
Wei, Lingling; Yang, Stephanie. Wall Street Journal, Eastern edition; New York, N.Y. [New York, N.Y]30 Apr 2021: A.1.
Komentarų nėra:
Rašyti komentarą