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Global

China Warns Large Tech Firms As Industry Faces Rising Oversight

“China is reining in the ability of the country’s internet giants to use big data for lending, money-management and similar businesses, ending an era of rapid growth that authorities said posed dangers for the financial system. On Thursday, China’s central bank and other regulators ordered 13 firms, including many of the biggest names in the […]
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Global

China Fintech Curbs That Hit Ant Were No Surprise: Ping An

“China’s curbs on fintech that thwarted a massive stock sale by Ant Group Co. have been under consideration for years and weren’t a surprise to those in the industry, according to an executive at China’s biggest insurer by market value. Like Ant, Ping An Insurance (Group) Co. was in the midst of planning a public […]
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Domains

Chinese Consumers Now Make Three Mobile Payments Every Day

“Chinese consumers made an average of three mobile payments a day during 2020, while 98% of the Chinese population consider mobile payments to be their most frequently used transaction method, an increase of five percentage points on last year, a new survey reveals. The number of consumers making mobile payments using a QR code also […]
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Global

China Issues New Anti-monopoly Rules Targeting Its Tech Giants

“China’s market regulator released new anti-monopoly guidelines on Sunday that target internet platforms, tightening existing restrictions faced by the country’s tech giants. The new rules formalise an earlier anti-monopoly draft law released in November and clarify a series of monopolistic practices that regulators plan to crack down on.”
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Global

China Plans Tougher Antitrust Rules for Non-bank Payments Industry

“China’s central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group’s Alipay and Tencent’s WeChat Pay. Under draft rules proposed on Wednesday, the People’s Bank of China (PBOC) can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up […]
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