Alibaba Needs To Pay More Heed As China Ramps Up Crackdown On Fintech

China central bank chief proposed to boost personal protections in the financial technology sector to curb unauthorized data collection and abuses, Reuters reports.
Alibaba Group Holding Ltd BABA backed fintech firm Ant Group is an important player harboring listing ambitions.
Beijing will enhance the legal frameworks in the sector, and countries should jointly set standards for personal data protection, People's Bank of China Governor Yi Gang said.
Yi emphasized the prioritization of data protection on the central bank's schedule.
Some big tech companies have allegedly collected customers' data without permission or misused such data.
China has preliminarily established a legal system for personal data protection, and government departments will implement supervision.
China should promote reasonable data usage and make transactions more convenient to enable tech innovation, Yi said.
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Price Action: BABA shares traded higher by 1.37% at $165.13 in the premarket session on the last check Wednesday.