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China’s Banking Regulator Revamps Financial Licensing
Online banks and insurance platforms are required to display licenses clearly on their web pages.
China’s top banking regulator will implement a new licensing system July 1, consolidating a welter of licenses for financial institutions into three categories: financial, insurance and insurance intermediary.
The proliferation of licenses under the China Banking and Insurance Regulatory Commission (CBIRC) involves different management requirements for various categories, creating administrative difficulties, an official at the commission said. Inspections found that there are some problems in the management and use of licenses in banking and insurance institutions, the official said.
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