The People’s Bank of China will continue to strengthen the regulation of the payments sector and ask all financial services companies, including personal information businesses, to be licensed, Yi said.
China will continue taking steps to curb monopolistic behaviour among internet platform companies and strengthen the protection of consumer privacy and data security, central bank Governor Yi Gang said.
“We will continue to cooperate with anti-monopoly authorities to curb monopolies and actively deal with algorithm discrimination and other new forms of anti-competition behaviour,” Yi said Thursday during a keynote speech at the Bank for International Settlements’ conference on Regulating Big Tech.
