A recent online bond selling scandal which incurred the biggest ever fine issued by China’s banking regulator has triggered calls for the country’s leading Fintech concerns to be included in macro-prudential assessments of banks
The Chinese banking and payments sector has launched a pioneering new app which combines the disparate functions of other mobile platforms, as well as links smart devices to the bank accounts and cards of users.
A leading academic researcher says the crackdown on the financial sector recently flagged by China’s banking regulator will place a heavy emphasis upon Fintech activity.
One of the Chinese securities regulator’s senior-most officials has hailed the potential for Fintech innovation to improve the efficiency of the financial services sector.
The launch of strict new measures concerning online micro-lending is expected to cause a major shakeup in China’s Fintech sector, prompting thousands of unlicensed platforms to suspend operations.
The Chinese central government has heightened its scrutiny of Internet microlending with the launch of new measures for standardisation of the sector.
One of the Chinese central bank’s top officials has called for greater Fintech reforms and accelerated integration of finance with technology.
Chinese financial regulators have given signs that they will further intensify their crackdown on the online micro-lending sector, just after calling for the immediate suspension of all further approvals for new platforms.
Chinese regulators have launched an immediate suspension of the establishment of new online micro-lending platforms, following reports of exorbitant interest rates and widespread unlicensed operation.
Chinese Internet giant Tencent has beat out rival Alibaba to become the first company in Asia to see its market capitalisation exceed the USD$500 billion threshold.