China to improve regulation for major payment platforms

Thursday 23 June 2022 13:29 CET | News

China has approved promoting a ‘healthy’ development of the payment and fintech sectors.

The meeting of the central commission for deepening overall reform also backed improving regulation of major payment platforms.

As part of the plans, China would ensure the security of payment and financial infrastructure, and work to prevent and defuse systemic financial risks. The government will also improve oversight of financial holding companies and financial institutions invested by platform firms.

Beijing has promised to unwind crackdowns that torpedoed Ant’s record initial public offering in 2020 and ensnared every sector from online education to gaming. Once Ant can set up the financial holding company, it can fold key operations into the entity, following a framework laid down by the central bank last year.

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Keywords: fintech, payments , regulation, financial institutions, financial services
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech