Spread the love

TAIPEI—Chinese financial regulators on Thursday ordered some of the nation’s largest technology companies to change financial business practices seen as risky and violating antitrust rules, the latest sign of heightened scrutiny of the sector.

China’s central bank, together with the country’s banking, insurance, securities and foreign-exchange regulators, summoned 13 technology firms and ordered them to delink their payment systems from some financial products. They also demanded the companies bring their online lending and deposit-taking businesses in line with regulatory requirements.

The firms included Tencent Holdings Ltd., ByteDance Ltd. and the financial arms of Meituan , Didi Chuxing Technology Co., Inc. and Group Ltd., according to a statement from the People’s Bank of China.

Spokespeople for Tencent, Meituan, Didi and didn’t immediately respond to requests for comment. ByteDance and declined to comment.

The move comes after months in which Beijing halted a record initial public offeringby financial-technology giant Ant Group Co. and imposed a record antitrust fine on Alibaba Group Holding Ltd.

Leave a Reply

Your email address will not be published. Required fields are marked *