FILE PHOTO: China's top banking regulator Guo Shuqing speaks to reporters on the sidelines of the National People's Congress at the Great Hall of the People in Beijing, China, March 5, 2019. REUTERS/Thomas Peter
BEIJING - 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.
Mentioning the restructuring of Alibaba’s fintech arm Ant Group, Guo said there’s no restriction on the specific financial business Ant can develop, but all financial activities they undertake, no matter what form, should be regulated by laws. Reporting by Tina Qiao, Cheng Leng and Ryan Woo in Beijing; Se Young Lee in Washington; Editing by Christian Schmollinger
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