Finance Minister Sri Mulyani Indrawati has known as for truthful competitors within the monetary expertise (fintech) business to help financial development whereas elevating considerations over potential domination by greater corporations.
The minister pointed to the absence of a “level playing field” within the fintech business and mentioned that as fintech startups grew, they had been often acquired by even greater corporations.
“There will never be a level playing field because the bigger the company, the bigger their capital and liquidity to dominate the market. […] It is going to be difficult for new entrants to establish their presence,” she instructed a discussion board held by Bloomberg on Wednesday.
“Fair competition is going to be really critical in this [sector].”
The federal government has been monitoring developments over whether or not or not it ought to apply the identical laws f…
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