As Beijing tightened regulations on the internet economy, Ant Group delisted the internet deposit product under Alipay, mainland media reported. The move was to comply with restrictions by the authority but has no impact on existing users, the group said. Dai Xianglong, former governor of the People's Bank of China, believes that although internet finance needs to continue to develop, it is necessary to strengthen supervision due to increased risks.

Source: The Standard December 18, 2020 06:07 UTC