Internet Firms Including Alibaba And Tencent Remove Bank Dep

Internet Firms Including Alibaba And Tencent Remove Bank Deposit Products


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Since December 18, a number of Internet financial platforms in China have successively removed their internet bank deposit products.
As of now, according to incomplete statistics by Chinese media, there are at least 10 platforms including Alipay, Tencent Licaitong, JD Finance, Duxiaoman Finance, Lufax, Tianxing Finance, Ctrip Finance, Didi, Meituan, and 360 Nicaifu that have removed related products.
Bank deposit products on Internet platforms are traditional bank deposit products but offered via online platforms under an agreement between the bank and the internet platform to match depositors and the financial products. Internet platforms previously thought that they merely offer their platform and traffic to help depositors find products, and therefore perform a "matching" role and are not offering financial products themselves.

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