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.”
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