Technology is manifested as a driving force for development, which team up with industry and agriculture, offer verious of convinient seveces. A mobile phone, nowdays, used not only to make a call, but also have teleconference, watch movies, play games or pay credit card, for example.
As Chinese gorvenment propelling ecnomic reform, relative rules will open the door to fintech companies that are expected to expand financial channels and facilitate effcient work flow. However, it is proved to be pefect on paper. Kinds of P2P businesses have easy access to collect money unofficially through internet, what's more, some of them loan sharks to girl students, who have to use nude and sex vedios as collateral, and nudge them to overdraw. According to calculation, losses from fintech fraud is surging, that means illegall orgernizations exploit new technology to level people in a weaker position.
More and more cases shake up the gorvenment and make it realize, technology combined with illegal companies without regulation, just a handy sauce of income. So, regulators must extremely restrict financial liberalization as well as tight up sercurity of whole system, meanwhile, guide them toward to a legitimate-frame.
It takes time to transform the landscape, and also we take barely ever advantage of merchant, so remember that, no greey, no lost.
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