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, China

Chinese fintechs must meet capital requirements within two years: CBIRC

Regulators have set various grace periods for different platforms.

China’s fintech companies have a maximum of two years to meet capital adequacy requirements, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission.

Micro lenders, consumer finance firms, and banks operated by internet platforms should all have adequate capital like other financial institutions, Guo added.

Financial regulators have set various grace periods for different internet platforms. Some have until the end of 2020 and others until the middle of 2021 to meet capital adequacy requirements, according to Guo.

Regarding 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 should be regulated by laws.

Regulators have rolled out a range of measures since last year to tighten its oversight of online lending practices in the country, particularly of technology firms looking to expand into the financial space.

Here’s more from Reuters.

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