PBoC research paper calls on fintech platforms to protect personal information
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On February 5, the People’s Bank of China (PBoC) published a research paper titled…
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PBoC issues measures to regulate customer reserve funds held by third-party payment companies
These measures are part of the broader effort to limit risks in the financial system and step up regulation of third-party payment companies, who…
PBoC tightens oversight of data collection by credit reporting companies
The draft measures are part of a broader effort by the government to improve data privacy and protection. Since Beijing …
Banks banned from offering online savings products on third-party internet platforms
Regulators are working overtime pumping out rules to contain what they see as growing risks in various parts of the financial system. This is partly a function of the ongoing financial derisking campaign that …
CBIRC allows non-bank financial institutions to initiate creditors’ committees
In the wake of the recent wave of domestic bond defaults and with the expectation that the number of bond and loan defaults is going to increase, financial regulators have pushed for new rules to …
PBoC draft rules on third-party payment providers threaten to break up dominant players
Beijing has become increasingly concerned about the growing market power of fintech companies, notably the third-party payment platforms Alipay, owned by Ant Group Co. Ltd., and WeChat Pay, owned by Tencent Holdings Ltd. The concern stems from …
SAFE revises rules to improve forex market liquidity
This is another example of regulators responding to the State Council’s demand to get rid of unnecessary administrative procedures and to …
CBIRC issues draft guidelines to grade consumer finance companies
Beijing knows that consumer finance is key to boosting consumption, but wants to make sure that the industry isn’t generating undue risk. Having been burned by …
Ant Group summoned by regulators for a second time as fintech crackdown gathers pace
Since the shock suspension of Ant Group’s IPO on November 2, regulators have been on a crusade to rein in the fintech sector, not only in terms of the risks it potentially poses to the stability of the financial system but also …
Suzhou wraps up digital currency trial
This second major public test of China’s digital currency was double the size of the first one in Shenzhen and included one of the country’s biggest e-commerce platforms, a sign of the progress being made in …