When China’s fintech ‘mistress’ was brought to heel

What the humbling of Jack Ma reveals about China’s position on the tension between innovation and stability

Benjamin Kang LimGlobal Affairs Correspondent

PublishedNov 14, 2020, 5:00 am SGT

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When China’s richest man Jack Ma took on the country’s financial watchdogs late last month, he knew it was risky and that there could be repercussions.

It was a bold but baffling move to say the least, with less than two weeks to go before his fintech giant Ant Group’s US$37 billion (S$50 billion) initial public offering (IPO) – the world’s largest stock market debut.

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