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China: WeiyangX Fintech Review

China: WeiyangX Fintech Review The Fintech Committee of the People’s Bank of China Announces Key Tasks in 2021 At the end of January 2021, the People’s Bank of China Fintech Committee meeting was held in Beijing. The meeting summarized the work in 2020 and announced key tasks in 2021. According to the press, the Fintech Committee will focus on the following tasks next year, including: 1) Introduce a new Fintech development plan, accelerate the financial digital transformation, and help build a modern financial system that adapts to the development of the digital economy 2) Provide better Fintech regulation, establish an ethical governance system in the financial sector, and strengthen the prudential supervision of Fintech innovation activities

Breakingviews - China creates a bigger consumer credit mess

Beijing urgently needs a system to measure individual default risk. Given thin credit histories at banks, it wants financial technology giants to hand over valuable data troves to state-run firms in exchange for minority stakes. Ant and peers have reason to resist.

China may push tech giants Ant, Tencent, others to share consumer credit data

China may push tech giants Ant, Tencent, others to share consumer credit data FILE PHOTO: People visit Tencent s booth at the World 5G Exhibition in Beijing, China, Nov. 22, 2019. REUTERS/Jason Lee/File Photo Premium China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing’s latest tightening of scrutiny. Continue reading this story with a subscription to DealStreetAsia. Contact us for corporate subscriptions at subs@dealstreetasia.com. Sign up for our newsletter - The Daily Brief

EXCLUSIVE-China to push its tech giants to share consumer credit data-sources

Aim is to prevent excess borrowing and fraud -sources Adds to recent proposals to sharpen scrutiny of tech champions (Adds quotes, details on credit agencies) HONG KONG, Jan 11 (Reuters) - China plans to push tech giants including Ant Group, Tencent and JD.com to share consumer loan data to prevent excess borrowing and fraud, two people with knowledge of the matter said, in Beijing’s latest tightening of scrutiny. The plan, if implemented, would effectively end the government’s laissez-faire approach to the industry and is another sign of attempts to rein in the country’s technology champions. Large internet platforms have tended to resist handing over their data, a crucial asset that helps them run operations, manage risk and lure new customers.

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