As China Ramps Up Crackdown On Fintech
China central bank chief proposed to boost personal protections in the financial technology sector to curb unauthorized data collection and abuses, Reuters reports.
• Alibaba Group Holding Ltd (NYSE: BABA) backed fintech firm Ant Group is an important player harboring listing ambitions.
• Beijing will enhance the legal frameworks in the sector, and countries should jointly set standards for personal data protection, People's Bank of China Governor Yi Gang said.
• Yi emphasized the prioritization of data protection on the central bank's schedule.
• Some big tech companies have allegedly collected customers' data without permission or misused such data.
• China has preliminarily established a legal system for personal data protection, and government departments will implement supervision.
• China should promote reasonable data usage and make transactions more convenient to enable tech innovation, Yi said.
• Related Content: Alibaba's Ant Boosts Capital To .4B Amid Restructuring
• Price Action: BABA shares traded higher by 1.37% at $165.13 in the premarket session on the last check Wednesday.
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