But for much of the past year, Beijing has been putting up new regulatory walls around so-called fintech, or financial technology, as part of a widening effort to rein in the country’s internet industry. The campaign has ensnared Alibaba, which was fined $2.8 billion in April for monopolistic behavior. It has tripped up Didi, the ride-hailing giant, which was hit with an official inquiry into its data security practices just days after listing its shares on Wall Street last month. This time last year, Ant was also preparing to hold the world’s biggest initial public offering . The I.P.O. never happened, and today Ant is overhauling its business so regulators can treat it more like what they believe it is: a financial institution, not a tech company. In China, “the reason fintech grew that much is because of the lack of regulation,” said Zhiguo He, who studies Chinese finance at the University of Chicago. “That’s just so clear.” Ant, which has its headquarters in Shanghai, was preparing to hold an initial public offering last year. It never happened.Credit...Alex Plavevski/EPA, via Shutterstock Now the question is: What will regulation do to an industry that has thrived precisely because it offered services that China’s state-dominated banking system could not? With Ant and other big platforms cornering the market, investment in Chinese fintech has fallen in recent years. So Ant’s chastening could make the sector more competitive for start-ups. But if running a big fintech company means being regulated like a bank, will the founders of future Ants even bother? Professor He said he was mostly confident that Chinese fintech entrepreneurs would keep trying. “Whether it’s hugely profitable,” he said, is another question. For much of the past decade, if you wanted to see where smartphone technology was making China look most different from the rest of the world, you would have peered into people’s wallets. Or rather, the apps that had replaced them. Rich and poor alike used Alipay and Tencent’s WeChat messaging app to buy snacks from street vendors, pay bills and zap money to their friends. State media hailed Alipay as one of China’s four great modern inventions , putting it and bicycle sharing, e-commerce and high-speed rail up there with the compass, gunpowder, papermaking and printing.https://www.nytimes.com/2021/07/13/technology/china-fintech-ant-group.html
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