Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission

Guo Shuqing, chairman of China Banking and Insurance Regulatory Commission (CBRIC), said at a news conference on Tuesday in Beijing that Internet payment companies must meet the lowest national requirement of capital adequacy ratio of eight percent as commercial banks, before they operate financial services. 

Earlier, the dual IPOs of Ant Group of Alibaba was suspended by Shanghai and Hong Kong stock exchanges on November 2020, as China's top financial regulators were suspicious of the platform's operational irregularities. 

A statement came as top regulators on November 3, 2020 released proposals for tight regulations for the country's rapidly growing online personal loan sector.

During the press conference, Guo also stressed that any financial service providers including online financial platforms or small loan providers which are operated by internet companies must follow the same regulations as the banks and other financial firms, which are having abundant capital. 

Guo said that the country's internet financial service companies will thrive after relevant regulations are strictly implemented.