Lack of regulations has led to a rise in scammers
Fintech experts in China and Hong Kong have called for increased regulations in the industry to keep up with advancing technology. Whilst the industry is growing China, where services such as WeChat Wallet and Alipay lead the way in digital payment, the lack of a regulatory system has led to a rise in scammers using fintech. This includes Ezubao, a P2P platform, who received over 7 billion US dollars by scamming users with fake investment opportunities. Lawrence Yu, from the investment platform Shulaibao, said that more “reasonable” regulations would be welcomed. He said that “everything is fair when the rules are enforced”, and that “a clear, reasonable regulatory body” would ensure that “credible companies [had] a chance to succeed”.
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