BEIJING - China’s central bank has proposed stepping up antitrust measures for companies in the non-bank payments industry, such as Ant Group’s Alipay and Tencent’s WeChat Pay.Under draft rules proposed on Wednesday, the People’s Bank of China can advise the state council’s antitrust committee to stop companies abusing their dominant position or even break up a non-bank institution if it “severely hinders the healthy development of the payment service market”.
This heightened scrutiny led to the dramatic collapse of fintech giant Ant’s $37 billion IPO in November. It will also identify institutions as having a monopoly once a single player garners more than half of the market in nationwide electronic payments, which also includes online and mobile banking payments.
The government of China knows what it’s doing in order to maintain wealth, one approach of many to fellow. The idea is to keep the money circulating in China while ensuring the government continues to cash in the wealth. Just a thought.
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China is going to plan a lot of things now. They are going into high gear now that we will start the circus show
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