China News Service, December 27. According to the People’s Bank of China website, on December 26, 2020, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the Foreign Exchange Bureau and other financial management departments jointly held an interview with Ant Group.

Pan Gongsheng, deputy governor of the People's Bank of China, answered reporters' questions on the interview on behalf of the four departments.

Q: What is the background of this interview?

Answer: The

Party Central Committee attaches great importance to the standardized and healthy development of financial technology and platform companies.

The recent Politburo meeting and the Central Economic Work Conference have made a series of important arrangements for strengthening anti-monopoly and preventing the disorderly expansion of capital, and put forward clear requirements for related financial management.

Financial management departments will follow this as the 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 the disorderly expansion of capital, and maintain fair competition and financial market order.

  Since the establishment of Ant Group, it has played an innovative role in developing financial technology and improving the efficiency and inclusiveness of financial services.

As a company with significant influence in the field of financial technology and platform economy, Ant Group must consciously abide by national laws and regulations, integrate corporate development into the overall situation of national development, and earnestly assume corporate social responsibilities.

  The main purpose of the interview with the financial management department for Ant Group is to urge and guide Ant Group to thoroughly implement the relevant spirit of the Party Central Committee and the State Council, in accordance with the principles of marketization and rule of law, to implement the requirements of financial supervision, fair competition, and protection of the legitimate rights and interests of consumers. Standardize the operation and development of financial services.

Q: What is the main content of the interview?

Answer: In

accordance with financial laws, regulations and regulatory requirements, the financial management department pointed out the main problems in the current operation of Ant Group: the company's governance mechanism is not sound; the legal awareness is indifferent, the regulatory compliance requirements are defied, there is illegal regulatory arbitrage behavior; the use of market advantages The status excludes business operators in the same industry; damages the legitimate rights and interests of consumers and triggers consumer complaints.

  The financial management department has put forward rectification requirements for Ant Group in key business areas: First, return to the origin of payment, enhance transaction transparency, and strictly prohibit unfair competition.

The second is to operate personal credit investigation services in accordance with the law and to protect the privacy of personal data.

The third is to establish financial holding companies in accordance with the law and strictly implement regulatory requirements to 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 carried out in accordance with the law, strengthened the governance of securities institutions, and carried out the asset securitization business in compliance.

  The Ant Group must fully realize the seriousness and necessity of rectification, meet the standard supervision requirements, and formulate a rectification plan and implementation timetable as soon as possible.

At the same time, it is necessary to strengthen risk management and control, maintain business continuity and normal business operations, 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.

Question: What is the policy orientation of financial management departments for financial technology supervision?

Answer: 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 complying with prudential supervision, and promote fintech to become an important force in boosting the domestic and international double cycle.

Fintech companies must adhere to the essence of serving the real economy and the people, establish a sense of compliance that strictly abides by financial regulatory requirements, a market awareness that resolutely maintains a fair competitive environment, and a sense of service centered on the protection of consumer rights and interests.

  The policy orientation of future supervision will follow the following principles: First, resolutely break monopoly, correct and investigate acts of unfair competition, and maintain fair competition market order.

The second is to insist that all financial activities must be regulated in accordance with laws and regulations, insist that financial businesses must be licensed to operate, and insist on "zero tolerance" for all kinds of illegal activities.

The third is to adhere to the "two unshakable", 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 Chinese financial technology companies in the world.

  Fintech and Internet platform companies are new things, and they are rapidly innovating and evolving, with many new features.

Financial management departments will continue to strengthen international regulatory exchanges and cooperation, and jointly promote financial technology innovation and the healthy development of the financial system.