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Chinese fintech firms must meet capital adequacy requirements in 2 years

Micro lenders, consumer finance firms and banks operated by internet platforms should all have adequate capital like other financial institutions, head of the Guo Shuqing, China Banking and Insurance Regulatory Commission said

twitter-logoReuters | March 2, 2021 | Updated 10:41 IST
Chinese fintech firms must meet capital adequacy requirements in 2 years

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.

Also read: Fintech players receive $2.7 bn from VCs in 2020

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