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China Determined to Transform Data Monopolies of Internet Platforms into Data Sharing: NIFD

June 29, 2022
Source: chinabankingnews.com chinabankingnews.com
News Snapshot:
A leading Chinese think tank has highlighted efforts by regulators to prevent the emergence of data-driven monopolies in the areas of finance, fintech and e-commerce. “We are currently focused on the economic monopolies of Internet platforms, and believe that closed circuits encompassing the flow of goods, the flow of data, the flow of funds and logistics can potentially comprise data monopolies,” said Zeng Gang (??), chair of the National Institution for Finance and Development (NIFD) to 21st Century Business Herald . “When data is not open to other institutions, and is sealed into these scenarios, this can form market monopolies.”...
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