A stone lion in front of the building of China Banking and Insurance Regulatory Commission on October 29, 2020 in Beijing. Photo: Getty Images A stone lion in front of the building of China Banking and Insurance Regulatory Commission on October 29, 2020 in Beijing. Photo: Getty Images
A stone lion in front of the building of China Banking and Insurance Regulatory Commission on October 29, 2020 in Beijing. Photo: Getty Images

China’s banking regulator admonishes Xiaomi-backed online bank XW Bank for charging 30 per cent service fee on consumer loans

  • Sichuan XW Bank was found to have charged as much as 30 per cent service fee for consumer loans with an auto financing platform, the banking regulator said
  • The internet-only bank also failed to adhere to the government’s risk assessment and debt collection regulations

Topic |   Banking & Finance
A stone lion in front of the building of China Banking and Insurance Regulatory Commission on October 29, 2020 in Beijing. Photo: Getty Images A stone lion in front of the building of China Banking and Insurance Regulatory Commission on October 29, 2020 in Beijing. Photo: Getty Images
A stone lion in front of the building of China Banking and Insurance Regulatory Commission on October 29, 2020 in Beijing. Photo: Getty Images
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