Do China tech giants pose a risk for European banks?

Ant Group, which was hoping to raise a record US$34bil (RM139.14bil) with its IPO before the Chinese government pulled the rug out from under the operation, is the owner of Alipay, a payment platform which is now an unavoidable element of daily life in China. — Reuters

PARIS: 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.