21 August 2019

PBoC sets boundaries for online finance, paper says

The central bank has unveiled five major principles for regulating online finance, asking operators to stick to the core of financial services and limit their innovation to a reasonable range and strength, the Shanghai Securities News reported Tuesday, citing an unnamed central bank official. Innovation in online finance should comply with the need for macroeconomic control and financial stability, preserve consumers’ legal rights, encourage a fairly competitive market and be subject to strict self-discipline, according to the People’s Bank of China (PBoC). The PBoC will also allow online payments via code scanning and virtual credit cards to resume on a trial basis once related security and technical standards are in place, the official said, stressing that its earlier action is a suspension, not a termination of those payment forms. 

– Contact HKEJ at [email protected]



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