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Giants Tencent, Bytedance among companies reined in by China

International desk || shiningbd

Published: 14:59, 30 April 2021  
Giants Tencent, Bytedance among companies reined in by China

Four regulatory agencies, including Bytedance, met with the firms on Thursday

Chinese regulators have called on 13 online platforms to adhere to tighter regulations in their financial divisions, as part of a wider push to rein in China's tech giants.

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".

For many years, Beijing took a hands off approach to encourage the tech platforms to grow.

But official scrutiny of their platforms has stepped up as they have branched out into financial services.

"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.