Chinese monetary authorities have summoned 13 businesses engaged in Internet finance solutions, such as Tencent and Bytedance, and advised them to fortify anti-monopoly steps

HONG KONG — Chinese financial authorities have summoned 13 businesses participated in online finance solutions, such as Tencent and Bytedance, and advised them to fortify anti-monopoly measures.

The authorities, including the People’s Bank of China (PBOC) and China’s banking and securities authorities, said in a statement Thursday that they’d summoned businesses such as Xiaomi’s fintech arm; Tencent; Bytedance; e-commerce stage’s JD Finance, along with the fund arm of meals delivery platform Meituan.

Regulators cautioned against the”disorderly growth” of funding, part of this government’s increased scrutiny of technologies and online businesses which have escalated to the profitable financial services industry, offering services like digital wallets, wealth management solutions and loans.

To help curb risks to China’s fiscal system, Beijing has recently months simplifying up scrutiny of tech firms and tightened antitrust regulations. It’s drafting new legislation to make sure big businesses don’t squeeze out competition, abuse their market rankings or hurt customer rights.

The announcement by regulators confessed that online businesses have contributed to enhancing fiscal services and making them more inclusive. However, it said some businesses are unlicensed and a few participate in unfair competition and harm customers’ legal rights.

“The online stage firms being summoned operate incorporated companies on a large scale and are powerful in the industry and confront typical issues. They have to take the lead in badly fixing those issues,” the announcement said.

The companies were advised to perform self-inspections and rectify any issues in accord with regulations. Fiscal businesses have to have permits to operate, and also the growth of payment balances not connected to banks have to be rigorously controlled, the announcement said.

Private credit reporting ought to be carried out only by licensed credit reporting bureaus, it stated.

Before this week, the regulator also said it had started an investigation to Meituan, the nation’s biggest food delivery system, over supposed monopolistic behaviour.