Regulators still support insurers and banks cooperating with Internet-based platforms, despite recent anti-trust measures taken in the FinTech sector, reported Reuters quoting Mr Liang Tao, a CBIRC vice chairman.
Mr Liang said at a media conference last Friday that the antitrust measures do not seek to hinder the development of  insurers and banks

Beijing has signalled that it wants to strengthen its oversight, particularly of technology firms looking to expand into the financial space, a reversal of its once laissez-faire approach.

The drive has spotlighted Alibaba’s FinTech affiliate, Ant Group, whose record $37bn listing was abruptly halted by Beijing in early November, with its executives called into meetings and told to brace for more regulation.

“Antitrust measures are not targeting private enterprises, nor targeting one particular firm,” Mr Liang said. “Financial policies supporting Internet companies will remain unchanged, so will the strength of financial support.”

Financial regulators recently talked with a few Internet platform companies, including Ant, Mr Liang said, with some taking a positive attitude towards the changes sought. The central bank has said it asked Ant to ensure the quality of financial services to the public as it works on rectifying its business.


 

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