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Asia

China Tightens Oversight of Online Finance

China is tightening regulatory oversight of its booming online finance and payments industry as it moves to stop money laundering and rein in loosely regulated financial products sold online.

A string of new rules will give the central bank more control over transactions of internet payment platforms and could force firms including Alibaba-affiliate Ant Financial and Tencent, among some nearly 270 online payment platforms, to share more data with China’s central bank.

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“The crackdown is intense within banks, too. Even taking out 50,000 RMB from an ATM triggers red flags now.”