The sheer number of fintech companies setting up in China has the potential to become “a very big risk,” according to the president of Chinese financial investment platform, Phoenix Finance.
Speaking at CNBC’s East Tech Westconference in the Nansha district of Guangzhou, China, Vince Zhang said many of the country’s estimated tens of thousands of financial technology firms lack the controls to make them sound instruments, either for consumers or the wider economy.
“A 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,” told the Financial Times’ Louise Lucas Thursday. “A lot of these corporate control mechanisms are not in place.”
Read more … source:cnbc
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