Chinese fintech firms must meet capital adequacy requirements in 2 years
Micro lenders, consumer finance firms and banks operated by internet platforms should all have adequate capital like other financial institutions, head of the Guo Shuqing, China Banking and Insurance Regulatory Commission said
Reuters | March 2, 2021 | Updated 10:41 IST
China s financial technology companies have a maximum of two years to meet capital adequacy requirements, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission, at a news conference on Tuesday.
Micro lenders, consumer finance firms and banks operated by internet platforms should all have adequate capital like other financial institutions, Guo said.
ED, police CIDs crack whip on Chinese-backed fintech lenders: Report
The ED and police CIDs have also sent written notices to payment gateways such as Razorpay and Paytm, asking them to “stop dealings with such companies” January 22, 2021 / 01:29 PM IST
Various state police Criminal Investigation Departments (CID) and the Enforcement Directorate (ED) will launch investigations against financial technology (fintech) lenders who received Chinese investments.
The fintech companies, numbering over 24 and including Bubble Loan, Flip Cash, Go Cash and SnapIt Loan, have been asked to stop processing payments and transactions, sources told The Economic Times.
Moneycontrol could not independently verify the report.