China proposes new regulatory framework for fintech firms to enhance consumer protection

China’s financial regulators have introduced a new regulatory framework for financial technology (fintech) companies, focusing on enhanced consumer protection, stronger risk management, and transparency in digital payment services. The guidelines require fintech platforms to improve data security measures, provide clearer disclosure of fees and terms, and implement stricter anti-fraud controls. Officials said the updated regulations aim to promote sustainable growth in the fintech sector while protecting users from predatory practices. Industry analysts believe this move could bolster public trust in digital finance and encourage innovation under clearer governance standards.