China summons internet firms to warn over unfair competition

Beijing: Financial regulators in China summoned 13 internet companies on Thursday to call for changes to their fintech operations, the central bank said in a notice, as Beijing ramps up scrutiny on monopolistic practices in the country’s tech industry.

Regulators have been taking China’s tech firms to task to curtail the reach of private companies into the public’s daily finances, with 34 major companies already warned earlier this month to abide by anti-competition guidelines.