News Snapshot:
China-based fintechs required to meet capital requirements within 2 years 11:57 CET | News Fintechs in China have received demands to meet capital adequacy requirements within a maximum of two years, said China Banking and Insurance Regulatory Commission (CBIRC) according to Reuters . Micro lenders, consumer finance firms, and banks operated by internet platforms should all have adequate capital like other financial institutions. Chinese financial regulators have rolled out a slew of measures since 2020 to tighten the oversight of online lending practices in the country, particularly of technology firms looking to expand into the financial space, moving away from...