BEIJING (Reuters): Chinese banks are gearing up to seize back lost business in consumer loans from fintech players like Ant Group, emboldened by a regulatory sea change that is making them more competitive.
The new rules, which come on the back of Beijing’s shock canning of Ant’s US$37 billion IPO in November, include the scrapping of limits on credit card interest rates and plans to greatly restrict the consumer data collection that has enabled the rapid growth of online lending platforms.
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