China Slams Xiaomi-Backed XW Bank Over Violations
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China’s banking regulator lashed at an online lender backed by Xiaomi Corp. over a range of violations, in the latest sign of intensifying scrutiny on the financial operations of the nation’s technology behemoths.
Sichuan XW Bank Corp, one of China’s three internet banks, was found to charge interest rates of as high as 30% on consumer loans with an auto financing platform, and that it failed to follow risk assessment and debt collection regulations, the China Banking and Insurance Regulatory Commission said in a statement on Thursday.