China orders fintech firms to stick to the rules,include Tencent

Chinese officials have told 13 of the country’s biggest tech companies to “rectify prominent problems” on their platforms a sign that the regulatory pressure on the fintech sector is spreading beyond Jack Ma’s Ant Group.

They include Tencent and ByteDance the parent company of TikTok.The authorities said the aim was to prevent monopolistic behaviour and the "disorderly expansion of capital".

The move by the four regulators is part of widening efforts by Beijing to rein in the country’s massive internet “platform economy,” which includes an ongoing antitrust clampdown backed by President Xi Jinping.

The country’s platform economy has grown rapidly and covers whole range of e-commmerce activities ranging from banking to shopping and food delivery.

"Internet platforms have played an important role in improving the efficiency of financial services and broadening the access of financial services to more people," the People's Bank of China said in a statement.

"At the same time some financial services were running without licences and there are serious rule violations in areas such as regulatory arbitrage unfair competition and damaging consumers' interests," it said.

The “improper links” between payment services and other financial services must be broken the regulators said. This included not allowing payment platforms to promote loans too aggressively cutting off an important advertising channel for the companies.

Beijing's crackdown on fintech began after an October speech by Ant founder Jack Ma criticising the country's regulatory system.

Ant's affiliate company Alibaba was earlier this month hit with a record fine of $2.8bn on Friday over monopoly concerns.

Analysts say the fine shows China intends to move against internet platforms that it thinks are too big.

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