China Names Unlicensed Firms Misusing Financial Labels

China’s financial regulators have begun publicly naming companies that use financial terms such as “payment” in their names or business scopes without proper licenses, ordering them to amend registrations or deregister.

The move is part of a broader multi-agency effort to curb illegal financial activities and reduce risks in the sector.

In Shenzhen, the central bank’s local branch recently published a list of 141 such firms. The list includes companies using “payment,” “credit reporting” and “investment.” The branch urged them to remove the wording or exit, and advised the public to rely only on licensed institutions.