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MNI POLICY: Overseas Financial Firms Must Obtain China License

MNI (London)
     BEIJING (MNI) - Foreign financial service providers aiming at the Chinese
market should set up subsidiaries and obtain licenses in China, and not attempt
to serve the market via digital platforms, an official from China's top foreign
exchange regulator said Wednesday.
     "China is currently not ready to open its online sector to foreign
financial companies," said Sun Tianqi, chief accountant of the State
Administration of Foreign Exchange (SAFE) in a speech at the Annual Conference
of Financial Street Forum 2019 on Wednesday.
     The comments come despite WTO regional bilateral agreements paying greater
attention to the opening up of online cross-border financial services as fintech
advances gather pace.
     Sun said China's legal system, regulatory capacity and coordinating
mechanisms are not yet ready to cope with financial chaos coming from an opening
of the online sector, adding that the China market is also immature and
investors have limited investment experience to discriminate against online
fraud.
     Sun accepted that China must eventually follow international trends and
open cross-border online transactions, but regulators needed to license foreign
operators.
     "Financial service providers must be licensed, and licenses must have
national boundaries," Sun emphasized.
     Sun noted that there are numerous online illegal activities in the
financial services sector, including forex and stock trading platforms, with
SAFE cracking down on about 1,000 websites which enabled FX margin trading in
China since 2017.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$A$$$,M$Q$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
China Market NewsPolicy NewsAPACChinaJapanAustraliaNew ZealandRegion
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