The financial watchdogs of China have recently summoned 13 internet platforms that are engaged in financial business. The list includes top firms like Tencent and ByteDance. The order is to strengthen their compliance with regulations, said the central bank spokesperson.
As mentioned by People’s Bank of China said in a statement “Internet platforms have played an important role in improving the efficiency of financial services and broadening the access of financial services to more people.”
This approach is a part of the widening efforts by Beijing in order to rein in China’s massive internet “platform economy” – which includes a current antitrust clampdown backed by President Xi Jinping.