China's Xi Calls for Stronger Fintech Oversight, Security

File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
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China's Xi Calls for Stronger Fintech Oversight, Security

File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)
File Photo: Chinese President Xi Jinping attends the commemoration of the 110th anniversary of the Xinhai Revolution which overthrew the Qing Dynasty and led to the founding of the Republic of China, at the Great Hall of the People in Beijing on October 9, 2021. (AFP)

A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and better security in financial tech, state media reported, with the sector hit hard by a regulatory crackdown.

The government action has pummeled some of China's biggest tech firms, wiping out hundreds of billions of dollars in market value since last year, AFP said.

But with the Chinese economy hammered by Covid lockdowns, the government has rolled out a series of support measures, including a call for "predictable" tech regulation.

"Regarding large payment and fintech platform enterprises, Xi called for efforts to improve regulations, strengthen institutional weak links, ensure the security of payment and financial infrastructure, and guard against and defuse potential systemic financial risks," according to a readout of the Wednesday meeting by the official Xinhua news agency.

The Chinese leader also "called for these enterprises to be better supported in serving the real economy", Xinhua said.

The officials at the meeting discussed promoting the "healthy development" of fintech companies, it added, and said "China will tighten oversight" of financial holding firms and internet financial services.

Investors have been heartened in recent weeks by similar statements by the Chinese government, with some perceiving them as signals that the tech crackdown is finally easing.

Hopes also soared this month when dozens of new video games were approved, and tech stocks rose on reports that authorities were wrapping up a cybersecurity probe into ride-hailing giant Didi.

But regulators this month denied reports that they were discussing the potential revival of Ant Group's scuppered IPO, which would have been the world's largest public offering at the time.

Ant Group -- the payments affiliate of e-commerce giant Alibaba -- had its share offering cancelled at the last minute in 2020.

Alibaba was later hit with a $2.75 billion fine over alleged unfair practices.

Ant Group is set to apply for a financial licence as soon as this month, Bloomberg News reported Wednesday, citing unnamed people familiar with the matter.



Erdogan Says Türkiye Could Take Joint Steps with Elon Musk on Tech

Türkiye’s President and leader of Justice and Development (AK) Party Recep Tayyip Erdogan attends an election campaign rally in Istanbul on March 24, 2024, ahead of the March 31 municipal elections. (AFP)
Türkiye’s President and leader of Justice and Development (AK) Party Recep Tayyip Erdogan attends an election campaign rally in Istanbul on March 24, 2024, ahead of the March 31 municipal elections. (AFP)
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Erdogan Says Türkiye Could Take Joint Steps with Elon Musk on Tech

Türkiye’s President and leader of Justice and Development (AK) Party Recep Tayyip Erdogan attends an election campaign rally in Istanbul on March 24, 2024, ahead of the March 31 municipal elections. (AFP)
Türkiye’s President and leader of Justice and Development (AK) Party Recep Tayyip Erdogan attends an election campaign rally in Istanbul on March 24, 2024, ahead of the March 31 municipal elections. (AFP)

President Tayyip Erdogan said Türkiye could take joint steps with Elon Musk on technology if opportunities for cooperation in that field arise, broadcaster TRT Haber reported on Wednesday.
US President-elect Donald Trump on Tuesday named Musk to a role aimed at creating a more efficient government, handing even more influence to the world's richest man who donated millions of dollars to helping Trump get elected.
"Musk is a businessman who works in the space and technology field," Erdogan told reporters on a return flight from Baku. "Technology isn't a field you can advance on your own, you absolutely need some cooperation. In the event cooperation opportunities arise in this field, steps can be taken with Musk," he was cited as saying.