The surge by Chinese internet companies into the world of finance could soon be repelled as the country’s banks call for regulators to place limits on them.
The China Banking Association, an industry group, has asked that the online investment funds sold by internet companies be treated like ordinary bank deposits, according to official media. If regulators agree, this would subject online products to strict interest rate ceilings, negating their biggest selling point.
Alibaba, the ecommerce group, launched the first online investment fund less than a year ago, but with a soaring client base it has started to upend the traditional business model of Chinese banks.
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