CHINA-ECONOMY: CHINA'S FINANCIAL REGULATORS IMPOSE RESTRICTIONS ON FINTECH COMPANIES
|
Caixin (April 30) reported that China’s financial regulators had summoned 13 tech companies on April 29, including Tencent Holdings Ltd. and ByteDance Ltd., and imposed a raft of requirements on their financial businesses in an expanded effort to rein in the fast-growing fintech sector. Earlier this month, the financial regulators met Jack Ma’s Ant Group Co., outlining a rectification plan consisting of similar requirements for the company to follow, including correcting unfair competition practices in its payment business, breaking down the information monopoly and applying to become a financial holding company. The latest meeting with more internet companies signals that regulators are expanding the campaign to rein in tech titans’ aggressive foray into the financial sector.
|