Monitoring task
Print Edition
THE National Internet Finance Association has been registered at the Ministry of Civil Affairs, and its main task is to regulate the booming industry.
Established by the People’s Bank of China on March 25, the Shanghai-based association has more than 400 members, including major lenders, brokers, insurance companies, trusts, and online peer-to-peer lenders.
The association will “play a crucial role for the healthy development of China’s burgeoning Internet finance sector,” market insiders said, as financial risks are rising with more platforms facing fraud or withdrawal difficulties since 2016 after a government crackdown.
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