Tencent doesn’t expect a serious impact to its business if it folds its FinTech business into a financial holding company as recommended by regulators, Bloomberg writes. The company says it has been compliant with regulations. The company’s operations haven’t been very strongly affected by the...
Mounting bubble fears have triggered new guidance from Chinese regulators instructing banks to scale back loan amounts in 2021, Reuters reported on Friday (March 5), citing sources. Foreign and state-owned lenders in China were told to curtail lending in order to guard against risks that...
Chinese regulators continue to tighten rules for financial technology companies. On Tuesday (March 3), a top official said that FinTechs will be required to meet new capital requirements by the middle of next year, Reuters reported. “As long as internet platforms conduct financial operations, the...
Cashplus, a credit card lender for small- to mid-sized enterprises (SMEs), has now become a full bank for SMEs in the U.K., a report from AltFi says. Cashplus was granted an unrestricted banking license by the Prudential Regulation Authority on Wednesday (Feb. 3). The bank...
The European Central Bank (ECB) held this year’s first monetary policy meeting, and said in a statement on Thursday (Jan. 21) that it would stay the course regarding procedures instituted during the COVID-19 pandemic to counter its “negative” shock. The central bank’s governing council said...
The Office of the Comptroller of the Currency (OCC) released a finalized rule on ensuring fair access to banking services from large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations, according to a press release. With the rule, a...
Ant Group, Tencent and JD.com are facing a crackdown by Beijing over concerns of over-lending to consumers through their platforms, a major cash cow for the Chinese tech giants. The three firms, along with others, will now have to share consumer lending data more widely...
China’s Banking and Insurance Regulatory Commission (CBIRC) is encouraging investors such as companies and non-bank financial groups to acquire and provide additional capital to shore up at-risk rural banks, according to Reuters. Regulators are also pushing for mergers and encouraging bank founders to take larger...
Some intended COVID-19 stimulus beneficiaries won’t see any money the federal government sends them through direct deposits because unpaid overdraft fees will more than consume newly injected funds, The New York Times reports. The Times reports that many larger banks have pledged to temporarily “zero-out”...
