Regulators have clamped down on.........>

CHINA PRESS: Regulators have clamped down on finance technology (fintech)

companies, with payday loans as a focus, Huang Zheng, head of China Finance

Technology Innovation Research Institute, wrote in an article published Friday

in the Financial News, a newspaper of the People's Bank of China. Financial

regulators have extended a risk prevention campaign because of unsolved problems

in the fintech sector still need to be curbed. As the media had reported, the

Chinese government on Tuesday did issue a document to stop the creation of new

companies providing payday loans. The tightening this time could be regarded as

increased coordination between local and central financial regulators, as the

National Financial Work Conference and the 19th Communist Party Congress

emphasized, Huang wrote. Some local governments have issued too many licenses to

payday loan companies, and the central government has ordered them to review the

companies and strengthen supervision. (Financial News)