{"id":6760,"date":"2019-01-07T08:02:11","date_gmt":"2019-01-07T07:02:11","guid":{"rendered":"https:\/\/www.fintechnews.org\/_\/?p=6760"},"modified":"2019-03-04T01:46:58","modified_gmt":"2019-03-04T01:46:58","slug":"executive-claims-that-the-ongoing-chinese-fintech-revolution-could-potentially-be-a-big-risk-for-the-nation","status":"publish","type":"post","link":"https:\/\/www.fintechnews.org\/_\/executive-claims-that-the-ongoing-chinese-fintech-revolution-could-potentially-be-a-big-risk-for-the-nation\/","title":{"rendered":"Executive Claims That The Ongoing Chinese Fintech Revolution Could Potentially Be A \u2018Big Risk\u2019 For The Nation"},"content":{"rendered":"
By\u00a0\u00a0Shiraz<\/div>\n
<\/div>\n

With the number of fintech companies setting up base in\u00a0China<\/strong>\u00a0increasing with each passing day, many business analysts have started to become worried about how the financial landscape of the eastern powerhouse will continue to evolve as time passes on.<\/p>\n

In this regard,\u00a0Vince Zhang<\/strong>, the President of Chinese financial investment platform \u2018Phoenix Finance\u2019,\u00a0believes<\/a>\u00a0that if the number of\u00a0fintech companies in China<\/strong>\u00a0continue to grow, the country might be placed under a\u00a0big risk of complete economic collapse<\/em>.<\/p>\n

While talking at\u00a0CNBC’s East Tech West<\/a>\u00a0conference recently, Zhang said that the many of the financial technology firms that are cropping up in China right now do not possess the necessary tools to make them \u201csound conduit mediums, either for consumers or the wider economy\u201d.<\/p>\n

In this regard, he also said:<\/p>\n

\n

\u201cA lot of companies are not there in terms of their business plan, in terms of their risk management process, in terms of their overall management. A lot of these corporate control mechanisms are not in place.\u201d<\/h3>\n<\/blockquote>\n

More On The Matter<\/h3>\n

Over the past couple of years,\u00a0China<\/em>\u00a0has been witnessing a massive increase in the number of businesses that are trying to harness the power of\u00a0blockchain technology<\/a>\u00a0in order to gain a foothold over the nation\u2019s large unbanked population.<\/p>\n

While such a tech revolution is quite remarkable, Zhang says that since many of these companies deal with a lot of money on a day-to-day basis, things could turn quite dangerous, quite quickly (if left unsupervised).<\/p>\n

He also said:<\/p>\n

\n

\u201cWithout proper risk control mechanism personnel, without proper ways of communicating with regulation, it’s potentially becoming a very big risk going forward.\u201d<\/h3>\n<\/blockquote>\n
<\/div>\n

In order to combat the aforementioned problem, Zhang believes that the\u00a0Chinese government<\/a>\u00a0needs place more regulations within niche areas such as consumer protection rights and risk control.<\/p>\n

\n

\u201cI would predict in 2019 it’s becoming more regulated. There will be less and less players in this field.\u201d, Zhang finished off by saying.<\/h3>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

By\u00a0\u00a0Shiraz With the number of fintech companies setting up base in\u00a0China\u00a0increasing with each passing day, many business analysts have started to become worried about how the financial landscape of the eastern powerhouse will continue to evolve as time passes on. In this regard,\u00a0Vince Zhang, the President of Chinese financial investment platform \u2018Phoenix Finance\u2019,\u00a0believes\u00a0that if the […]<\/p>\n","protected":false},"author":1,"featured_media":6761,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[2,19],"tags":[],"class_list":["post-6760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","category-blockchain"],"yoast_head":"\nThe Chinese Fintech Revolution Could Potentially Be A \u2018Big Risk\u2019<\/title>\n<meta name=\"description\" content=\"Zhang believes that the Chinese government needs place more regulations within niche areas such as consumer protection rights and risk control.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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