Authorities say they are seeking to use the social credit system to improve financing opportunities and increase lending to businesses and individuals.
April 8, 2022The new law requires lenders to act responsibly at all times. They can be forced to refund interest, fees and damages for failing to do so.
December 1, 2021The Consumer Credit Act will provide a regulatory framework for the issuance of consumer credit and strengthen oversight of non-bank credit providers.
November 18, 2021Governor Yi Gang says the PBOC will continue to strengthen its supervision of fintech companies, while also improving policy transparency and predictability.
October 15, 2021The data-sharing arrangement is part of the rectification measures ordered by financial regulators to break Ant Group's “information monopoly” over data collection.
September 24, 2021Providers of debt management services including debt negotiation or credit repair services must obtain a credit licence to continue operating.
July 8, 2021Firms providing debt management services need to apply to ASIC for a credit licence and become a member of AFCA by 30 June 2021.
May 10, 2021Whether or not responsible lending obligations are repealed, ASIC says it will enforce lending standards as part of its focus on consumer protection.
March 29, 2021Ant Group is drawing up a timetable to fold its financial operations into a holding company, under the guidance of regulators.
January 19, 2021Consumer finance firms with the lowest ratings will be ordered to submit to a merger, acquisition, reorganisation, or to withdraw from the market.
January 17, 2021