China will carry on supervising the fintech industry, curb monopolies and protect personal data and consumer privacy, central bank governor Yi Gang said at the Regulating Big Tech conference hosted by the Bank for International Settlements on Thursday.

Yi noted that the fast development of financial technology in China has facilitated e-commerce growth and the alleviation of poverty. However, misconduct in the sector has brought challenges to supervision.

The People's Bank of China will continue to require all financial services companies to be licensed, said Yi. He added that technology companies engaged in financial services have to separate the functions with a subsidiary in an effort to prevent cross-sector risks. 

Yi also pointed to a need to sever the link between non-banks and banking information.

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