News Snapshot:
Chinese financial watchdog has announced a two-year deadline for financial technology companies to meet same capital adequacy requirements as traditional banks. The decision by China Banking and Insurance Regulatory Commission (CBIRC) is aimed at curbing risk in the sector and curtail monopolistic practices. CBIRC head Guo Shuqing said that the different deadlines set for different financial services with a maximum two years of grace period. In December last year, it was reported that CBIRC and the People’s Bank of China are planning to impose “special and innovative regulatory measures” on fintech giants. Since last year, the country’s financial watchdog has...
