China’s Xi Jinping calls for stronger fintech oversight and security


A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and security in fintech, state media reported, as the sector has been hit hard by a regulatory crackdown.

The government’s actions have hit some of China’s biggest tech companies, wiping out hundreds of billions of dollars in market value since last year.

Also read: Looking for a smartphone? Click here to check mobile finder.

However, as the Chinese economy has been battered by Covid lockdowns, the government has rolled out a range of supportive measures, including calls for “predictable” technology regulation.

“Regarding large payments and fintech platform firms, Xi called for efforts to improve regulations, strengthen institutional vulnerabilities, ensure the security of payments and financial infrastructure, and protect against and mitigate potential systemic financial risks,” read one reading of Wednesday’s meeting by the official Xinhua News Agency.

The Chinese…

Source link

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.