Shanghai to increase support for internet finance
May 26, 2015 Category Finance, Weekly
Shanghai will increase support for internet finance, Wu Jun, Deputy Director of Shanghai Financial Service Office, said during the China (Shanghai) Internet Finance Summit. The boom in internet finance in China started in 2013 when Alibaba offered online financial services with Yu’ebao, an online money market fund. At the end of 2014, there were 2,000 peer-to-peer lending platforms and 128 crowdfunding companies in China. Of China’s 270 online third-party payment firms, 55 are based in Shanghai, with their trading volume taking up 75% of the country’s total. “Financial regulators now are working together to build a supervision framework to enhance risk control and crack down on malpractice in the industry,” said Ji Jiayou, an official at the Shanghai headquarters of the People’s Bank of China (BOC).
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