Articles by Ryan Woo and Cheng Leng

China Regulator Orders Large Insurers, Banks to Prepare ‘Living Wills’ to Handle Risks

BEIJING — China’s banking and insurance watchdog issued rules on Wednesday requiring sizable banks and insurers to prepare recovery plans in the unlikely event that they run into financial trouble, as the regulator seeks to strengthen the safety net of …

China Continues Crackdown on Fintech Firms

BEIJING — Chinese financial watchdogs on Thursday summoned 13 internet platforms engaged in finance business, including heavyweights Tencent and ByteDance, to order them to strengthen compliance with regulations, the central bank said. The move by the four regulators is part …

China Urges International Cooperation on Financial Services, Technology Regulation

SHANGHAI— China’s regulators want to step up exchanges with international counterparts and strengthen co-operation on anti-trust issues, data treatment and consumer protection, China’s central bank vice governor said in a Financial Times opinion piece. Pan Gongsheng said authorities wanted to …

China Says Its Fintech Antitrust Moves Not Targeted at Private Banks, Insurers

China’s recent antitrust measures are not aimed at its private sector and do not seek to hinder the development of such firms, a senior banking and insurance regulator said on Friday, as the country looks to expand scrutiny of the …

Ant Group Weighs Forming Holding Company, Regulated Like Traditional Financial Firms

Ant Group Co Ltd is considering folding most of its online financial businesses, including consumer lending, into a holding company that would be regulated like traditional financial firms, two people with direct knowledge of the matter said. The regulators, mainly …

China’s Ping An Insurance Reports 7.74% Hike in Q3 Profit

Ping An Insurance Group Co of China Ltd on Tuesday reported a 7.74% rise in net profit, its first quarterly profit increase in a year, as the country’s largest insurer by market value attracted more retail customers. Net profit rose …

China Non-Life Insurers See Big Drop in Car Accident Claims in Coronavirus Silver Lining

Chinese non-life insurers are discovering a silver lining to the cloud spreading over China’s economic performance from the coronavirus outbreak – a sharp drop in car accident claims. Beijing’s efforts to contain the new coronavirus have included widespread travel and …

China Moves to Secure Government Ownership Control of Insurers, Banks

China’s finance ministry said on Wednesday it will make it harder for ownership changes to be made to financial institutions that could lead to the government relinquishing control, in a bid to prevent the loss of state assets. Effective Dec. …