The forex restrictions of max US$ 50,000 in or out per individual per year apply to China's digital payment services, too, so no harm to have outside shareholders.

It is a domestic asset, the law of the land applies and there is pitiful little foreign shareholders could do about.

Note the also Singapore's sovereign wealth fund GIC pledged anchor investment in the Ant IPO.

The one principal thing about fintech is, it takes out parts of the banking services and offers these, without being subject to bank regulation and related cost of compliance.

That is, how fintech can be cheaper and more flexible and cheaper when competing with banks.

Fintech image is disruptive, young, modern and ingeniously cutting through the bank red tape, true pioneers.

The reality, however, is, that put under the same rules as banks whose business they do, fintechs are duds, as dead as a doornail.