Chat with us, powered by LiveChat
Menu

China PBOC Signalling a Firm Line on FinTech Firms

FinTech Firms
Print Friendly, PDF & Email

EDITOR NOTE: China’s aggressive crackdown on the country’s FinTech firms is continuing into late 2021. The Chinese government has exerted more control over this burgeoning sector in recent months as many Chinese companies that make these financial tech products are seeking to expand their businesses. Continuing this trend, People’s Bank of China governor Yi Gang engaged in more tough talk during an online conference jointly organized by the PBOC and the Deutsche Bundesbank on September 18, 2021. According to CentralBanks.com, Gang’s message to Chinese FinTech firms was that “payment operators should refocus on their payment business and distance themselves from other financial services.”

Payment operators should refocus on their payment business and distance themselves from other financial services, says People’s Bank of China governor Yi Gang, signalling a tougher line on big fintech firms. At an online conference jointly organised by the PBoC and the Deutsche Bundesbank on September 18, Yi Gang pointed to the possibility of “cross-sector risk contagion”, as payment giants in China aggressively expand operations into insurance, credit, fund management and other financial

Original post from Central Banking

Bank Failure Scenario Kit - sm2

GET YOUR FREE

BANK FAILURE SCENARIO KIT

  • This field is for validation purposes and should be left unchanged.

All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

Precious Metals and Currency Data Powered by nFusion Solutions