The financial applications of data technology have enabled the rise of Chinese fintech industries. As part of people's everyday lives, fintech apps have helped companies collect vast amounts of user data for business profit and social good. This paper takes an open-systems approach to study the constructs of this emerging idea of data governance, particularly its operational logic, involved stakeholders, and socio-cultural consequences in the context of fintech industries in China. It asserts that data governance at the company level has (...) been realized through three types of tasks: standardization, configuration, and monetization of big data. These tasks are oriented by the imperative of business innovation which is considered pivotal for the company to survive the competition. An ensemble of internal and external actors joined the governing process, but internal actors hold the stake. The goal of innovation drives the companies to speedily collect data from a wider variety of sources, thus having to establish more sophisticated systems to manage and utilize those data. These complicated systems, however, have urged the government to strengthen regulatory controls alongside the general support of business innovation. This study unveils the performative aspects of big-data-based innovation at fintech firms. It also helps to understand the pathology of the innovation-governance paradox shared in the data economy in the global context. (shrink)