China’s antitrust rules may have a great impact on the fin-tech industry

The newly anti-monopoly regulations proposed by the People’s Bank of China targeting non-bank digital payment companies is thought to fundamentally change the current situation of duopoly by Alipay and WeChat Pay. The rule sets the threshold of two-thirds of the market for two providers’ combined share, while Ant Group and Tencent account for 94.4% together in the digital payment sector, with 55.6% and 38.8% respectively, which is way past the limit.