European banks wary of China tech giants

Ant Group's Alipay payment platform is now an unavoidable element of daily life in China. - Bloomberg

PARIS (AFP): China's Ant group may have been dealt a setback with the shelving of its IPO but European banks remain wary that Chinese tech giants may soon be their main competitors.

The European finance sector has in recent years seen the emergence of a large number of startups -- called fintech -- which have sought to disrupt brick and mortar banks by offering digital services.