Too big to be regulated? Jack Ma’s Ant Financial shaking Chinese banking system – The Wall Street Journal

Ant Financial is transforming how Chinese run their daily finances, drawing flak from big banks and warning shots from the government.
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JOHANNESBURG — Jack Ma's Ant Financial Services Group is a classic example of disruption unleashed after becoming the world's biggest financial-technology firm. All eyes looked elsewhere as the group was built into these behemoth, but now its success has put a major target on the firm's back. Clay Christensen's classic disruption says those who successfully challenge the status quo, do it quietly. And then by the time the incumbents wake up to the competitor, it's usually too late. Ant however has started to come up against government and regulation, which has already put limits on the activities it can pursue. And having been described as 'a vampire sucking blood from banks' by one money-market fund, it's likely that further limitations will be sought, to help level the playing field, especially as it's the big Chinese banks that have felt the firm hand of Ant's disruptive nature. – Stuart Lowman

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