The agenda included wide-ranging “problems that are common in the current financial business of internet companies,” according to the central bank.
The regulators laid out seven demands, starting with the requirement that “all financial activities be included in financial supervision, and financial businesses must be licensed to operate.” The way tech firms run their financial units should become more “standardized,” the central bank added, and should in some cases require them to apply to set up financial holding companies.
Tencent shares fell 1.6% in Hong Kong on Friday.
In its statement, the People’s Bank of China said that companies should also “disconnect improper links between payment services and other financial products, strictly control the expansion of non-bank payment accounts to the public domain, improve transaction transparency, and correct unfair competition.”
Tencent declined to comment on the meeting, while JD.com, Didi and Meituan did not immediately respond to a request for comment.
The State Administration for Market Regulation (SAMR), along with the Cyberspace Administration and the State Taxation Administration, met with executives from 34 internet companies, including Alibaba, Tencent and ByteDance, to urge them to heed the warning from the Alibaba case and to stop anti-competitive and other illegal behaviors, SAMR said in a statement earlier this month.
— Laura He and CNN’s Beijing bureau contributed to this report.
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