China summons internet finance firms as clampdown widens – News 24-7 Live News 24-7 Live
China summons internet finance firms as clampdown widens

China summons internet finance firms as clampdown widens

Chinese financial regulators on Thursday summoned 13 internet platforms engaged in financial business, including heavyweights Tencent and ByteDance, to order them to strengthen their regulatory compliance, the central bank said.

The companies will have to set up financial holding companies if they meet requirements to do so, as Alibaba’s fintech affiliate Ant Group was recently forced to do, a move that tightens capital requirements.

They should also draft “business rectification” plans to comply with regulations, cut “improper” links between their payment tools and other financial products, break “monopolies” in holding data, and prevent risks in internet mutual aid businesses.

News Source: Hindustan times

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