PBoC tells payment firms to cut ties to other business lines

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Yi Gang, PBoC governor

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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