Heads roll as China’s Xi tightens grip on Fintech Firms

Deng’s separation of party and state a thing of the past

By: Toh Han Shih

Chinese fintech companies are under severe pressure to change their business practices or else, in the wake of the November 2020 aborted massive initial public offering (IPO) of Ant Group, controlled by Jack Ma, who lost the title of China’s richest man earlier this year as his e-commerce empire came under severe scrutiny by Chinese regu…