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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. ....

Tencent Licaitong , Sun Tianqi , China Internet Finance Forum , Central Bank Financial Stability Bureau , Duxiaoman Finance , Tianxing Finance , Ctrip Finance , Central Bank , Financial Stability Bureau , Didi Finance , சீனா இணையதளம் நிதி மன்றம் , மைய வங்கி நிதி ஸ்திரத்தன்மை பணியகம் , மைய வங்கி , நிதி ஸ்திரத்தன்மை பணியகம் , நானா நிதி ,

China Tech Digest: Alipay Removes Internet Deposit Product From App

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Ant Group takes the initiative to delist all Internet deposit products
Ant Group takes the initiative to remove Internet deposit products, which are now only visible to existing users who have purchased products. The deposit products of many banks under the Bank Deposit function of the Alipay APP are no longer sold.
The relevant person in charge of the Ant Group stated that in accordance with regulatory requirements for the Internet deposit industry, Ant currently takes the initiative to remove all Internet deposit products on the platform. It won’t affect users who hold the product now.
Alipay is the first Internet platform to remove deposit products after Sun Tianqi, director of the Central Bank’s Financial Stability Bureau, once again discussed the issue of deposits on third-party Internet platforms on December 15. ....

Wang Huiwen , Tiktok Walmart , Sun Tianqi , Cp Group , Chengdu Development , Reform Commission , Central Bank Financial Stability Bureau , Ant Group , Commerce Department , Bank Deposit , Chengdu Ecological Environment Bureau , Central Joint Investigation Team , Defense Department , Central Bank , Financial Stability Bureau , Strongest Plastic Restriction , திக்டோக் வால்மார்ட் , சிப் குழு , செங்கிடு வளர்ச்சி , சீர்திருத்தம் தரகு , மைய வங்கி நிதி ஸ்திரத்தன்மை பணியகம் , எறும்பு குழு , வர்த்தகம் துறை , வங்கி வைப்பு , செங்கிடு சுற்றுச்சூழல் சூழல் பணியகம் , மைய கூட்டு விசாரணை அணி ,