21 July, 2015, 12:00 am
CHINA’S central bank on Saturday issued guidelines promoting the development of internet finance, saying it will support “qualified” financial institutions to set up platforms for online banking, insurance and securities businesses.
It added it would encourage high-performing and qualified internet finance firms to list.
A senior central bank researcher said last month regulators should set up clear rules allowing banks to set up online finance subsidiaries to fend off rising competition from technology giants who had expanded into their territory.
“In recent years, China has seen rapid development in internet finance, but some problems and hidden risks have also cropped up,” an official with the People’s Bank of China, the central bank, said in a statement.