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Miguel Cordon · · 1 min readChinese regulators to increase scrutiny of local insurtech firms
“China’s banking and insurance watchdog is stepping up scrutiny of the nation’s insurance technology platforms, widening a regulatory dragnet that has roiled global investors,” Bloomberg reported, citing a notice from the regulator.
Details:
- China has called on companies and local agencies to halt improper marketing and pricing and improve user privacy.
- Failure to comply with these orders would result in “severe punishment” for the insurtech firms, the note read.
Dive deeper:
- The notice comes after China introduced new antitrust guidelines to clamp down on local tech titans. (Read: How China has been clamping down on big tech empires)
- One of the most recent victims of this is Kuaishou, which saw its shares fall almost 12% after a state-backed newspaper pushed for tighter regulation of online content.
Editing by Collin Furtado and Jaclyn Tiu
(And yes, we’re serious about ethics and transparency. More information here.)
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