Benzinga | Nov 3, 2021 09:20AM EDT

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 (NYSE: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.

* Related Content: Alibaba's Ant Boosts Capital To $5.4B Amid Restructuring

* Price Action: BABA shares traded higher by 1.37% at $165.13 in the premarket session on the last check Wednesday.