Date
23 October 2017

PBoC mulls internet finance regulations, paper says

The People’s Bank of China (PBoC) is spearheading efforts to regulate the fast developing internet finance business to curb potential risks, China Business News reported Wednesday, citing a source familiar with the matter. The central bank, together with banking, securities and insurance sector regulators, aims to prevent misuse or stealing of consumer information, ensure that risks on internet finance products are fully disclosed and also ban illegal fund-raising activities, the report said. A PBoC official has said previously that internet finance operators should be careful not to touch the red lines related to fund-raising and taking deposits from the public, the paper noted.

– Contact HKEJ [email protected]

TL/AC/RC

 

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