News Snapshot:
BEIJING: China's banking and insurance regulator on Friday (Jan 15) banned commercial banks from using third-party Internet platforms to sell deposit products, including those relating to fixed-term deposits. The move is designed to avoid spillover financial risks brought by the rapid development of the financial technology sector, according to a statement of China's Banking and Regulatory Commission (CBIRC). The financial arms of big tech companies including Ant Group, JD Digits, and Baidu-backed Du Xiaoman Financial have been offering high-yield deposits at local banks on their apps. While the takeoff of China's fintech sector has helped such business grow rapidly in...
