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Original title: Prevention of disorderly expansion of capital and support to companies to maintain integrity and innovation.
Beijing, December 27, reporter Chen Guojing reported: On December 26, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the Foreign Exchange Office and other financial management departments held a joint interview with Ant Group. Pan Gongsheng, deputy governor of the People’s Bank of China, answered journalists’ questions in the interview on behalf of the four departments.
“The main purpose of the interview with the Ant Group financial management department is to urge and guide Ant Group to thoroughly implement the relevant spirit of the Party Central Committee and the State Council, follow the principles of commodification and state of right and implement financial supervision, fair competition and protection of the legal rights and interests of consumers. Further normalize the operation and development of financial services. ” Pan Gongsheng said that the Central Committee of the Party attaches great importance to the normalized and healthy development of financial technology and platform companies. The recent Politburo meeting and the Central Economic Work Conference have made a number of important arrangements to strengthen antitrust and prevent disorderly expansion of capital, and have laid out clear requirements for relevant financial management. Financial management departments will follow this fundamental principle, supervise financial market entities in accordance with laws and regulations, seriously investigate and deal with violations of laws and regulations, strengthen restrictions on disorderly expansion of capital, and maintain fair competition and the order of the financial market.
Since its inception, Ant Group has played an innovative role in the development of financial technology and in improving the efficiency and inclusiveness of financial services. As a company with significant influence in the field of fintech and platform economy, Ant Group must consciously comply with national laws and regulations, integrate corporate development into the overall national development situation, and take corporate social responsibilities seriously.
Pan Gongsheng presented the main content of the interview. In accordance with financial laws, regulations and regulatory requirements, the financial management department pointed out the main problems in Ant Group’s current operation: the company’s governance mechanism is not robust; legal conscience is indifferent, regulatory compliance requirements are disregarded, illegal regulatory arbitrage behaviors exist; the market advantage is used to exclude Operators in the same industry; harm to the legitimate rights and interests of consumers, trigger consumer complaints, etc.
The financial management department has put forward rectification requirements for Ant Group in key business areas: first, return to the origin of the payment, improve the transparency of transactions and strictly prohibit unfair competition. The second is to operate personal credit investigation services in accordance with the law and protect the privacy of personal data. The third is to establish a financial holding company in accordance with the law, strictly implement regulatory requirements, and ensure sufficient capital and compliance with related transactions. The fourth is to improve corporate governance and strictly rectify financial activities such as illegal credit, insurance, and wealth management in accordance with the requirements of prudential supervision. Fifth, the securities fund business was conducted in accordance with the law, strengthened the governance of securities institutions, and conducted the asset securitization business in compliance.
Pan Gongsheng emphasized that Ant Group must fully recognize the seriousness and necessity of rectification, compare regulatory requirements and formulate a rectification plan and implementation schedule as soon as possible. At the same time, it is necessary to strengthen risk management and control, maintain business continuity and normal commercial operations, and ensure the quality of financial services to the public. The financial management department will maintain close communication with the Ant Group and listen carefully to their opinions and suggestions.
Speaking about the financial management department’s policy guidance for financial technology supervision, Pan Gongsheng said that the financial management department will continue to encourage and support fintech companies to maintain integrity and innovation under the premise of serving the real economy and comply with prudential supervision, and promote fintech to become a national and international momentum. The important strength of the double loop. Fintech companies must adhere to the essence of serving the real economy and people, establish a sense of compliance that strictly complies with financial regulatory requirements, an awareness of the market that resolutely maintains a level playing field, and a sense of service focused on the protection of consumer rights.
Pan Gongsheng emphasized that the political orientation of future supervision will follow the following principles: First, decisively break the monopoly, correct and investigate acts of unfair competition, and maintain the market order of fair competition. The second is to insist that all financial activities must be regulated in accordance with laws and regulations, insist that financial companies must be licensed to operate, and insist on “zero tolerance” for various violations of laws and regulations. The third is to adhere to the “unbreakable two”, protect property rights in accordance with the law, promote entrepreneurship, stimulate the vitality of market players and social creativity, and enhance the core competitiveness of fintech enterprises of China in the world. Internet platform and financial technology companies are new things, and they are innovating and evolving rapidly, with many new features. The financial management departments will continue to strengthen regulatory exchanges and international cooperation, and will jointly promote innovation in financial technology and the healthy development of the financial system.
