China’s top financial regulator said all fintech platforms that offer banking services must comply with the same capital requirements as those imposed on traditional lenders to curb risks.
South African President Cyril Ramaphosa sought to identify a backup option in case Finance Minister Tito Mboweni left his post, but abandoned the search because he couldn’t find a suitable alternative, according to four people familiar with the situation.
China’s top banking regulator said he’s worried about a slew of risks including the nation’s property bubble, rapid inflow of foreign capital and elevated global markets.
They were just days away from a multi-billion-dollar windfall.
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