Beijing warns fintech firms against anti-monopoly behavior

Chinese financial regulators have summoned 13 companies engaged in online finance services, including Tencent and Bytedance, and told them to strengthen anti-monopoly measures

HONG KONG -- Chinese financial regulators have summoned 13 companies engaged in online finance services, including Tencent and Bytedance, and told them to strengthen anti-monopoly measures. The regulators, which include the People’s Bank of China (PBOC) and China’s securities and banking regulators, said in a statement Thursday that they had summoned companies including Xiaomi’s fintech arm; Tencent; Bytedance; e-commerce platform JD.com’s JD Finance, and the finance arm of food delivery platform Meituan. Regulators warned against the “disorderly expansion” of capital, part of the government's increased scrutiny of technology and internet companies that have branched into the lucrative financial services sector, offering services such as digital wallets, wealth management services and loans. To help curb risks to China’s financial system, Beijing has in recent months ramped up scrutiny of technology companies and tightened antitrust regulations. It is drafting new laws to ensure large firms do not squeeze out competition, abuse their market positions or hurt consumer rights.