China Strengthen Online Payment Service Monitoring

China will strengthen monitoring online payment services and continue to prevent exclusive behavior. This is a new statement given by the Chinese Central Bank Governor on October 7, signaling that North Kinh will continue to tighten management of large technology companies in this country. Chinese central bank (PBOC). Photo: THX / VNA Over the past year, Chinese officials have strengthened monitoring of large domestic technology companies, including Alibaba's leading e-commerce firm Alibaba, the Food Delivery Company Meituan, with Alleging these companies with exclusive behaviors and collecting non-appropriate customer data. This is part of a wider policy that China applies to adjust the second world economy, in which Also target both private and real estate companies

... speaking at the conference on the international transaction management of the Bank, the Governor of the Chinese People's Bank of China shows that this bank will Continue to coordinate with antitrust officials to limit violations and proactively react with acts of taking advantage of algorithms and other forms of competitive activities
This adds the central bank Strengthen the monitoring of the payment field and requires all payment service companies to have an operation license. The leading technology company shows signs of collecting a large amount of data from users while alerting the nature "The winner of the strong man" will bring these companies to exclusive behavior and harm Going to the creative effect. September, Chinese officials have asked the largest payment application in the country, Alipay must make important changes in the context of more and more concerns that large technology companies In the country, it is developing in optic, not managed well. In November 2020, the plan to issue the first stock (IPO) with a record value of about $ 37 billion of Ant Financial, Alipay's parent company , was postponed at the last minute. Ant Financial is a financial technology branch of Alibaba./.Le Anh / TTXVN

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