Beijing News Express according to the official website of the people’s Bank of China, on December 26, 2020, the people’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, foreign exchange bureau and other financial management departments jointly interviewed ant group. Pan Gongsheng, vice president of the people’s Bank of China, answered the reporter’s questions on the interview on behalf of the four departments.
Q: what is the background of this interview?
A: the Party Central Committee attaches great importance to the standardized and healthy development of financial technology and platform enterprises. Recently, the meeting of the Political Bureau of the CPC Central Committee and the central economic work conference made a series of important arrangements for strengthening anti-monopoly and preventing disorderly expansion of capital, and put forward clear requirements for doing a good job in relevant financial management. The financial management department will take this as the fundamental principle, supervise the main body of the financial market according to the law, seriously investigate and deal with illegal activities, strengthen the restriction on the disorderly expansion of capital, and maintain fair competition and financial market order.
Since its establishment, ant group has played an innovative role in the development of financial technology, the improvement of financial service efficiency and the universality. As an influential enterprise in the field of financial technology and platform economy, ant group must consciously abide by national laws and regulations, integrate enterprise development into the overall situation of national development, and earnestly undertake corporate social responsibility.
The main purpose of this interview with ant group by the 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, implement the requirements of financial supervision, fair competition and protection of consumers’ legitimate rights and interests in accordance with the principles of marketization and rule of law, and further regulate the operation and development of financial business.
Q: what is the main content of the interview?
A: according to the financial laws, regulations and regulatory requirements, the financial management department pointed out the main problems existing in the current operation of ant group: the corporate governance mechanism is not perfect; the legal consciousness is indifferent, the regulatory compliance requirements are flouted, and there is illegal regulatory arbitrage; the market advantage is used to exclude the same industry operators; the legitimate rights and interests of consumers are damaged, and consumer complaints are triggered.
The financial management department has put forward the rectification requirements for the key business areas of ant group: first, return to the source of payment, improve the transparency of transactions, and prohibit unfair competition. The second is to license and operate personal credit business in accordance with the law to protect the privacy of personal data. Third, establish financial holding companies in accordance with the law, strictly implement regulatory requirements, and ensure adequate capital and compliance of related party transactions. Fourth, improve corporate governance, strictly rectify illegal credit, insurance, financial management and other financial activities according to the requirements of prudential supervision. Fifth, carry out securities fund business in accordance with the law, strengthen the governance of securities institutions, and carry out asset securitization business in accordance with the law.
Ant group should fully realize the seriousness and necessity of rectification, meet the regulatory requirements, and formulate rectification plan and implementation schedule as soon as possible. At the same time, we should strengthen risk management and control, maintain business continuity and normal operation of enterprises, and ensure the quality of financial services to the public.
The financial management department will maintain close communication with ant group and fully listen to its opinions and suggestions.
Q: what is the policy orientation of the financial management department on the supervision of financial technology?
A: the financial management department will, as always, encourage and support financial technology enterprises to adhere to the principle of innovation on the premise of serving the real economy and complying with prudential supervision, and promote financial technology to become an important force to boost the domestic and international double cycle. Financial technology enterprises should adhere to the origin of serving the real economy and the people, establish the compliance awareness of strictly abiding by the requirements of financial supervision, firmly maintain the market awareness of fair competition environment, and the service awareness with the protection of consumers’ rights and interests as the core.
The policy orientation of future supervision will follow the following principles: first, firmly break monopoly, correct and investigate unfair competition, and maintain fair competition market order. Second, we must adhere to the principle that all financial activities must be regulated in accordance with laws and regulations, that financial businesses must be licensed, and that “zero tolerance” should be given to all kinds of illegal activities. Third, adhere to the “two unswervingly”, protect property rights according to law, promote entrepreneurship, stimulate the vitality of market players and social creativity, and enhance the core competitiveness of China’s financial technology enterprises in the world.
Financial technology and Internet platform companies are new things, and rapid innovation and evolution, there are many new features. The financial management departments will continue to strengthen international regulatory exchanges and cooperation, and jointly promote the innovation of financial science and technology and the healthy development of the financial system.