Ban on Chinese firms: Govt says 92 companies registered in India, 80 actively doing business - Minister of State for Finance Anurag Thakur said that adequate rules are in place and all companies are required to ensure compliance with them.
China’s crackdown to shake up world’s largest fintech market
Concerns about consumer debt have unnerved authorities in China, especially
as peer-to-peer lending proliferated, bringing fraud, defaults, suicides and street protests with it
Bloomberg
In a four-year campaign to root out risks to China’s financial system, regulators have set upon their biggest target yet: the world’s largest financial technology sector.
All three financial watchdogs have made it their primary goal this year to curb the “reckless” push of technology firms into finance, taking aim at a sector where loose oversight fueled breakneck growth for companies such as Ant Group and Tencent Holdings’ Wechat Pay. They have the green light from Chinese President Xi Jinping (習近平), who in November last year called on regulators to “dare to” master their supervisory role.
By Addison Gong
29 Jan 2021
In this round-up, Chinese president Xi Jinping warns of international confrontations from a ‘new cold war’, regulators plan deeper capital market reforms and increased oversight of internet finance platforms, and European insurance giant Allianz receives approval for China’s first fully foreign-owned insurance asset management company.
A ‘new cold war’ will cause divisions and confrontations in the world, Chinese president Xi Jinping said at the World Economic Forum’s virtual annual meeting in Davos this week. His remark was widely interpreted as a warning to the US.
Xi also said that China will continue contributing to the fight against Covid-19 globally, open up the domestic market, and promote sustainable development and development in technology.
BW Businessworld
India Retains Ban On 59 Chinese Apps, Including Tiktok
A government panel looking into the app ban decided, after reviewing the responses, that there will be no change in the country s position for now as the ban was in the interest of India s national security and sovereignty
Photo Credit :
India has decided to retain its ban on video app TikTok and 58 other Chinese apps after reviewing responses from the companies on issues such as compliance and privacy, two sources with direct knowledge of the matter told Reuters on Tuesday.
When it first imposed the ban in June, India s ministry of electronics and information technology (IT) gave the 59 apps a chance to explain their position on issues including whether they censored content, worked on behalf of foreign governments or lobbied influencers.