China approves plan to develop rules for fintech sector

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Chinese President Xi Jinping approved a plan to standardize and develop rules for the fintech payments sector after a top-level meeting, signaling an easing of regulatory scrutiny in the sector, according to Chinese state news agency. Xinhua.

The main role of fintech companies will be to serve the real economy, and local authorities will strengthen supervision of payment firms and their financial activities, according to a meeting led by Xi on Wednesday.

Beijing will seek to improve industry regulation, compensate for inspection deficiencies and prevent systemic financial risks, the statement said. Xinhua.

Since last year, the Chinese government has hardened its stance towards internet companies such as Alibaba, claiming that the e-commerce giant has made huge returns on loans it originated without taking enough risk.

At the same meeting, Xi Jinping also pledged to build an infrastructure data system and ensure the security of national data.

Source: CNN Brasil

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