China’s central bank sets limits to fintech ethics
Businesswoman analyzing financial charts

The People’s Bank of China (PBoC) has set standards for the ethics of science and technology in the financial sector, demonstrating low carbon, risk prevention and control, fair competition and data security. The Bank has established definitions of FinTech, and it is clearly defined between financial institutions and technology companies. Regulators tightened governance of Internet companies engaged in financial services, such as holding talks with Alibaba’s Ant Group and asking them to correct their business.