China plans to impose “special and innovative regulatory measures” on financial technology behemoths such as Jack Ma’s Ant Group Co. to eliminate monopolistic practices and strengthen risk controls.

Advances in technology have brought tremendous change to the financial sector, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party Secretary of the central bank, wrote in an article outlining regulations over the next five years. It was cited in the official Shanghai Securities News.

Financial innovations are a “double-edged sword,” Guo said. There’s little “experience in legal standards and risk monitoring for mobile payments or internet borrowing and insurance in our country,” he said.

Guo is the highest ranking regulator to weigh in on the issue after regulators last month halted the planned record initial public offering of Ma’s Ant Group.

China has also called for deeper antitrust oversight of technology firms such as Alibaba Group Holding Co. and Tencent Holdings Ltd., which have expanded into finance with little oversight, posing a growing challenge to traditional banks and regulators.

The article was published in conjunction with pieces by central bank governor Yi Gang and China Securities Regulatory Commission Chairman Yi Huiman. Having China’s three top financial watchdogs weigh in on regulations at the same time shows curbing financial risk has moved firmly to the center of the national agenda.

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