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South China Morning Post

Chairman and executives of Chinese financial holding companies face stricter scrutiny under new central bank rules

According to a new set of rules released by the central bank on Friday, the chairman and senior management of a Chinese financial holding company must have at least eight years of financial industry experience. There is also limited time to play the same role in the holding company. Do you have questions about the biggest topics and trends in the world? Get answers at SCMP Knowledge, a new platform for curated content with explanations, FAQs, analytics and infographics from our award-winning team. According to PBOC, from May 1st, rules were established to “standardize the operations of financial holding companies and prevent operational risk.” China’s big tech groups, such as China’s billionaire Jack Ma-controlled Ant Group and fellow billionaire Pony Mar-controlled Tencent, are working to increase scrutiny from central banks and other regulators. Inquiries about new regulations and anti-trust in recent months. Tencent Chairman and CEO Pony Ma Huateng will attend the WAIC (World Artificial Intelligence Conference) on September 17, 2018 in Shanghai, China. Photo: Pony Ma Huateng, Chairman and CEO of Reuters alt = Tencent, will attend the WAIC (World Artificial Intelligence Conference) in Shanghai. China, September 17, 2018. Photo: Reuters> We are well aware that the deal involves Ant Group placing key businesses such as profitable credit origination platforms, investment technology and up-and-coming insurance businesses in financial holding companies. People who have been saying. In March, Bloomberg reported that social media and gaming giant Tencent may also need to set up a financial holding company to include banking, insurance and payment services. In a court action announced Friday, the PBOC said the chairman and senior management of financial holding companies may also need to have at least 10 years of “economic work” experience. Apart from their work experience, they are also forbidden to hold the same position in a financial holding company for more than 10 years. Independent directors are prohibited from working for the same financial holding company for more than 6 years, and their directors are limited to two holding companies. This article was originally published in the South China Morning Post (SCMP). This is the most authoritative voice coverage of China and Asia for over a century. For more SCMP stories, explore the SCMP app or visit SCMP’s Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.