investing.com 20 Dec, 2020 07:15 am

China could restrict bank tie-ups with fintech platforms, official suggests By Reuters

China could restrict bank tie-ups with fintech platforms, official suggests

Many of these companies have gathered large amounts of user data in the course of providing their services.A securities watchdog official said Beijing should consider imposing a digital tax on technology companies that hold copious amounts of user data, state media said last week.FILE PHOTO: Chinese national flag flutters near the building of China Securities Regulatory Commission (CSRC) at the Financial Street area in Beijing BEIJING (Reuters) - China's former finance minister Lou Jiwei suggested that China could restrict the number of banks a single fintech platform can partner with, to prevent any platform from gaining too much market share, state media reported on Sunday.Speaking at a wealth management forum on Saturday, Lou, who remains influential as the external affairs director at a top advisory body to the Chinese government, warned that a fintech platform with an oversized market share can lead to bad debts, the Securities Times said.

'Kick in the teeth'- UK business groups raise concern over new COVID restrictions p By Kanishka Singh (Reuters) - Business groups expressed concerns over Britain's new COVID-19 restrictions, with the Confederation of British Industry calling them a "real kick in.Apple temporarily shuts California stores in virus surge, some in UK after new curbs p By Kanishka Singh (Reuters) - Apple Inc (NASDAQ:AAPL) has temporarily shut all of its 53 stores in California because of a coronavirus outbreak and 16 stores in the United Kingdom.

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