News Snapshot:
Tweet The Chinese government is preparing to crack down on what it views as antitrust behavior in the payments sector by tech giants such as Ant Group and Tencent Holdings . The People’s Bank of China (PBOC) has issued new draft rules that seek to rein in any non-bank company that dominates at least half of the payments market or combination of two companies that dominate at least two-thirds of the market. Remedies would include breaking up offending companies to limit their dominance, according to a Bloomberg report . Payment companies that already possess state licenses will be given one...
