The view that the giant big tech firms could disrupt the banking system, and that regulators should watch out, is gaining ground. Yet the experiences of China (which has, in many ways, become the leader) suggest that this concern is exaggerated. The main reason is that big tech firms already have market power to buy financial services on good terms from a sector that has excess capacity and faces strong regulatory pressure. And big tech can sell its own expertise to banks that need to strengthen