PBoC tells payment firms to cut ties to other business lines
Governor’s speech follows reported crackdown on China’s Ant Group
Payment operators should refocus on their payment business and distance themselves from other financial services, says People’s Bank of China governor Yi Gang, signalling a tougher line on big fintech firms.
At an online conference jointly organised by the PBoC and the Deutsche Bundesbank on September 18, Yi Gang pointed to the possibility of “cross-sector risk contagion”, as payment giants in China aggressively expand operations into insurance, credit, fund management and other financial
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