{"id":115051,"date":"2021-03-02T11:33:36","date_gmt":"2021-03-02T11:33:36","guid":{"rendered":"https:\/\/precoinnews.com\/?p=115051"},"modified":"2021-03-02T11:33:36","modified_gmt":"2021-03-02T11:33:36","slug":"chinese-fintech-platforms-expected-to-meet-capital-requirements-within-two-years-regulator","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/chinese-fintech-platforms-expected-to-meet-capital-requirements-within-two-years-regulator\/","title":{"rendered":"Chinese fintech platforms expected to meet capital requirements within two years: regulator"},"content":{"rendered":"

BEIJING (Reuters) – China\u2019s financial technology companies are expected to meet capital adequacy requirements within a maximum of two years, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission (CBIRC) on Tuesday.<\/p>

FILE PHOTO: China’s top banking regulator Guo Shuqing speaks to reporters on the sidelines of the National People’s Congress (NPC) at the Great Hall of the People in Beijing, China, March 5, 2019. REUTERS\/Thomas Peter<\/figcaption>

Micro lenders, consumer finance firms and banks operated by internet platforms should all have adequate capital like other financial institutions, Guo said at a news conference.<\/p>\n

Chinese financial regulators have rolled out a slew of measures since last year to tighten the oversight of online lending practices in the country, particularly of technology firms looking to expand into the financial space, moving away from its once laissez-faire approach.<\/p>\n

The drive scuppered Ant Group\u2019s $37 billion initial public offering last year and has seen Alibaba\u2019s fintech affiliate formulate plans to shift to a financial holding company structure.<\/p>\n

\u201cStarting a business needs capital, so does starting a financial business,\u201d Guo said.<\/p>\n

\u201cAs long as internet platforms conduct financial operations, the requirement of capital adequacy ratio on them should be the same as financial institutions.\u201d<\/p>\n

Financial regulators have set various grace periods for different internet platforms, according to Guo. Some have until the end of 2020 and others until the middle of 2021 to meet capital adequacy requirements, he said.<\/p>\n

\u201cBut by a maximum of two years, (the capital adequacy of) all platforms should be back on track,\u201d Guo added.<\/p>\n

With regards to Ant Group\u2019s restructuring, Guo said there were no restrictions on the financial business it develops but that all of its financial activities should to be regulated by laws.<\/p>\n

Ant Group is in talks with other shareholders in its new consumer finance unit to bolster the firm\u2019s capital as the fintech giant prepares to fold in its lucrative micro-lending businesses, Reuters reported last week.<\/p>\n

It would need an additional capital of 30 billion yuan ($4.64 billion) to meet regulatory requirements, according to the report.<\/p>\n

($1 = 6.4714 Chinese yuan)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING (Reuters) – China\u2019s financial technology companies<\/p>\n","protected":false},"author":3,"featured_media":115050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nChinese fintech platforms expected to meet capital requirements within two years: regulator - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/chinese-fintech-platforms-expected-to-meet-capital-requirements-within-two-years-regulator\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese fintech platforms expected to meet capital requirements within two years: regulator - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"BEIJING (Reuters) – China\u2019s financial technology companies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/chinese-fintech-platforms-expected-to-meet-capital-requirements-within-two-years-regulator\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-02T11:33:36+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/cnewsfotor91.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/chinese-fintech-platforms-expected-to-meet-capital-requirements-within-two-years-regulator\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/chinese-fintech-platforms-expected-to-meet-capital-requirements-within-two-years-regulator\/\",\"name\":\"Chinese fintech platforms expected to meet capital requirements within two years: regulator - 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