China imposes new restrictions on online lenders including Jack Ma’s Ant
21 February 2021 - 20:49
Beijing — China’s banking regulator imposed new restrictions on banks and financial institutions working with online microlenders including those led by Jack Ma’s Ant Group, dealing further blows to one of the fastest-growing business segments for financial-technology behemoths.
Banks must cap overall joint lending with internet platforms or other partners at no more than 50% of their outstanding loans, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on Saturday. Co-lending with one platform should not exceed 25% of the bank’s tier-1 net capital, the CBRIC said...
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