Ant Group removes small banks’ online deposit products from its platform as it toes the line with China’s new fintech rules

//Ant Group removes small banks’ online deposit products from its platform as it toes the line with China’s new fintech rules

Ant Group removes small banks’ online deposit products from its platform as it toes the line with China’s new fintech rules

Ant Group, China’s dominant online payments service provider, has removed the deposit-taking products of several banks from its financial platform, as it falls in line to comply with tightening regulations in the world’s largest fintech market.The company, based in the Zhejiang provincial capital of Hangzhou, removed interest-bearing time deposit products that mature in either three or five years offered by several small regional banks from its financial market place.The three-year deposit…

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By | 2020-12-18T09:00:12+00:00 December 18th, 2020|Technology|Comments Off on Ant Group removes small banks’ online deposit products from its platform as it toes the line with China’s new fintech rules