BUSINESS China's financial regulators conduct regulatory talks with Ant Group's top executives

BUSINESS

China's financial regulators conduct regulatory talks with Ant Group's top executives

CGTN

23:02, November 02, 2020

China's financial regulators on Monday conducted regulatory talks with top executives of China's fintech company Ant Group, according to an official statement.

The headquarters of Ant Group, Hangzhou, east China's Zhejiang Province /CFP

The People's Bank of China, China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission, and State Administration of Foreign Exchange conducted the regulatory talks with Ant Group's owner Jack Ma, chairman Eric Jing and president Simon Hu, the statement said.

The statement did not provide details of the talks. 

China's major internet companies have in recent years entered the financial services sector, which has brought significant changes in industries such as payment, credit, and asset management, but possible risks including unfair competition, data breaches and systemic risks should be noticed at the same time, said an article published on Sunday by the Financial News, a newspaper governed by China's central bank.

The article said relevant measures should be formulated, and supervision be further strengthened to ensure financial stability and security.

Guo Wuping, an official with the consumer rights protection department of the CBIRC also published an article on the supervision of fintech companies, calling for paying more attention to consumers' rights.

Guo said fintech companies face credit, operational and liquidity risks similar to those of financial institutions, so some new types of financial risks may be triggered, which violates the rights and interests of consumers.

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