China shouldn't allow fintech giants to become "too big to fail", financial regulators ignored systemic risks - former finance minister

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China should consider further tightening control over fintech giants by restricting the number of banks they can partner with, said China's former Finance Minister Lou Jiwei, joining a chorus of voices from top financial regulators vowing to step up oversight over the industry’s giants.

"We can limit the number of banks that any single platform can work with, so as to let more platforms do similar businesses under the same conditions," Lou said at a forum on Sunday, adding that fintech platforms should not be allowed to grow to the point of "winner takes all . . .

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