Live updates from the 9th Caixin Summit: Global Challenges, Global Solutions, underway this week in Beijing. Follow talks from key figures in government, business and academia.

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Update, 12:28 p.m.

Ant Financial Chief on 'Fake' Fintech

Jing Xiandong, Ant Financial CEO

Jing distanced his company from “fake” fintech while touting its support for small businesses, amid increasing government suspicion of tech giants' expansion into finance.

“We've seen that some fintech companies are not [really] fintech. We want to see [regulators] distinguish between genuine and fake ones. This is extremely important,” said Ant Financial CEO Jing Xiandong, speaking at the 9th Caixin Summit in Beijing on Tuesday.

Jing called for “differentiated regulation” between “genuine” fintech, which can play a crucial role in servicing the real economy, and “fake” fintech, which is used for fraud and can cause bubbles.

Ant Financial is helping to get funding to the “capillaries” of China's economy — about 100 million small and micro-sized businesses which in turn support about 300 million people, said Jing.

Every one of Ant Financial's innovations is for the people, Jing said. “We will forever serve small and micro-sized businesses.”