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A number of top Chinese internet companies including Ant Group, JD.com and Tencent have removed online deposit-taking products from their fintech platforms amid tighter regulatory scrutiny aimed to curb risks to the financial system.
As of 20 December, at least ten fintech platforms including Alipay owned by Ant Group, Du Xiaoman Financial - a platform backed by the dominant Chinese internet search engine Baidu, JD.com’s fintech unit JD Digits, Shanghai Lujiazui International Financial Asset Exchange Co., Ltd (Lufax), and Tencent . . .
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