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China s top financial technology platforms have removed online deposit products following scrutiny from regulators concerned about risk issues.
Ant Group s Alipay, Du Xiaoman Financial, JD and Tencent Wealth Management have all stopped the sale of banks online deposit products via their apps.
Ant Group, whose Alipay app provides a gateway to a torrent of financial products, on Friday removed the online deposit products of several banks. The move was quickly followed by JD Digits, the financial arm of e-commerce group JD, and wealth management firm Lufax backed by Ping An Insurance Group Co, which took down its interest-bearing time deposit products over the weekend.
Fintech firms drop online deposit products By HE WEI in Shanghai and JIANG XUEQING in Beijing | China Daily | Updated: 2020-12-22 09:33 Share [Photo/VCG]
China s top financial technology platforms have removed online deposit products following scrutiny from regulators concerned about risk issues.
Ant Group s Alipay, Du Xiaoman Financial, JD and Tencent Wealth Management have all stopped the sale of banks online deposit products via their apps.
Ant Group, whose Alipay app provides a gateway to a torrent of financial products, on Friday removed the online deposit products of several banks. The move was quickly followed by JD Digits, the financial arm of e-commerce group JD, and wealth management firm Lufax backed by Ping An Insurance Group Co, which took down its interest-bearing time deposit products over the weekend.