New rules can put banks on digital path

Traditional financial services providers must grasp technology to avoid seeing their market share erode by challengers

The tech giants are definitely moving in on banking in China. Their growth has been so significant and influential that the central government recently released guidelines to "promote the sound and steady progress of the emerging industry".

But do not rely on the conventional wisdom that the regulators' move will be a blow to the digital disrupters and a blessing for the traditional banks being disrupted.