[Mainland China] Rating system grips fintech
The Standard,
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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