China Orders 13 Tech Companies to Overhaul Fintech Operations


Source: world-news-monitor.com world-news-monitor.com

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China Orders 13 Tech Companies to Overhaul Fintech Operations Caixin Global | Apr 30, 2021 at 10:06 AM China’s financial regulators summoned 13 tech companies Thursday including Tencent Holdings Ltd. and ByteDance Ltd., imposing a raft of requirements on their financial businesses in an expanded effort to rein in the fast-growing fintech sector. The new regulations and rules will bring risks for fintech companies “as the tightened regulatory environment would require significant changes to the business models of their financial services businesses”. The overhaul means Ant will have to cut off any improper linking of payments with other financial products...