China orders fintech companies to stick to the rules as clampdown widens

Home » China orders fintech companies to stick to the rules as clampdown widens China orders fintech companies to stick to the rules as clampdown widens April 30, 2021 Chinese financial watchdogs on Thursday summoned 13 internet platforms engaged in finance business, including heavyweights Tencent and ByteDance, to order them to strengthen compliance with regulations, the central bank said. The move by the four regulators is part of widening efforts by Beijing to rein in the country’s massive internet “platform economy,” which includes an ongoing antitrust clampdown backed by President Xi Jinping. The companies will have to set up financial…