China's Financial Industry Firms Redo Plans, Funding In Wake Of More Oversight
PYMNTS
NOVEMBER 26, 2020
New rules would require online lending companies like Ant to provide 30 percent of funding for loans, and firms would be banned from operating outside provincial bases without approval from a watchdog, Bloomberg said. And those lending in multiple provinces would have to have 5 billion yuan in registered capital at a minimum.
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