China's curbs on fintech that thwarted a massive stock sale by Ant Group have been under consideration for years and weren't a surprise to those in the industry, said Jessica Tan Sin Yin, co-chief executive at Ping An Insurance (2318).
"Chinese regulators don't suddenly throw a regulation at you and say 'we will do this,'" Tan said while on a visit to her native Singapore. "Every regulation that has been announced, it's not a surprise to any of us, including Ant. Ant knows these regulations as well."
Tan, 43, oversees Ping An's technology units including Lufax and OneConnect Financial Technology.
"These regulations have been discussed for the past two years, so all of us know" them, Tan said, citing warnings in Lufax's public offering documents. "For us, we've already complied with the regulations, so we don't expect any change."