[Mainland China] Rating system grips fintech
The Standard, 14 Jan 2021
China Banking and Insurance Regulatory Commission has issued a rating system for consumer financial companies and those with the lowest grade may be forced to exit the market, in its latest move to tighten its grip on financial technology companies. CBIRC will assign ratings to consumer financial firms annually based on corporate governance and internal control, capital management, risk management, quality of professional services and information technology management. The rating results will be used as a reference for regulators to take supervisory measures and will not be disclosed.
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