Chinese Regulators Order Tech Companies to Standardize Financial Businesses
A photo of the flag of the People’s Republic of China. (radiowood, https://flic.kr/p/7asMfM; CC BY-NC 2.0, https://creativecommons.org/licenses/by-nc/2.0/)
On April 29, Chinese regulators from the China Banking Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange announced that they have ordered 13 of China’s biggest tech companies, including Tencent and ByteDance, to “standardize” their online financial businesses. Regulators will likely require firms to spin off payments programs and may even eliminate some firms’ insurance, wealth management and lending practices.
The People’s Bank of China stated that some of the firms will need to set up financial holding companies to house certain parts of their businesses. Financial holding companies are subject to heightened restrictions on their assumption of financial risk. (One commentator sugge
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Exclusive-Suspected Chinese hackers stole camera footage from African Union - memo
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Written by Reuters -
AU signage.
When diplomats gathered at African Union headquarters earlier this year to prepare for its annual leaders’ summit, employees made a disturbing discovery.
Someone was stealing footage from their security cameras.
Acting on a tip from Japanese cyber researchers, AU technology staffers discovered a group of suspected Chinese hackers rigged a cluster of servers in the basement of an administrative annex to siphon surveillance videos from the AU campus in Addis Ababa, Ethiopia’s capital.
The security breach was carried out by a Chinese hacking group nicknamed “Bronze President,” according to a five-page internal memo reviewed by Reuters. It said the affected cameras covered “AU offices, parking areas, corridors, and meeting rooms.”