The government has prohibited the.......>

CHINA PRESS: The government has prohibited the establishing of any new financial

technology company providing payday loans or services across provinces,

districts or cities, the Financial News reported Thursday, confirming

speculation that a document with the rules had been issued Tuesday. The

newspaper cited an unidentified official as saying that under the tighter

policies, increases in payday loans will drop significantly. Existing activity

in the sector is also being curtailed, the person said, as local governments

have started examining the risks of fintech companies involved in payday loans.

The People's Bank of China and the China Banking Regulatory Commission planned

to meet Thursday morning and ask local financial regulators to report on payday

loan businesses, the newspaper said. (Financial News)