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CBRC unveils new rules to regulate online P2P sector
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CHINA'S banking regulator announced today to tighten regulation on the country's ballooned peer-to-peer lending sector by making new rules on fund custody.
Peer-to-peer lenders have to use commercial banks as third-party fund custody to enhance fund security and prevent capital embezzlement, according to an announcement made by China Banking Regulatory Commission.
One platform should sign agreement with only one commercial bank to safeguard the funds, while all peer-to-peer lenders should meet the custody requirement in six months since the file released, the announcement said.
A total 209 operating online peer-to-peer lenders signed such agreements with commercial banks as of February 23, counting a roughly 8.8 percent of all lenders, according to data compiled by Online Lending House, a portal site that tracks the sector.
The guideline on online lenders' fund custody came after a recent national campaign to further regulator the booming online peer-to-peer sector.
Sources told Shanghai Daily that a meeting among local financial authorities and industry participants was held on Wednesday night to discuss details on tightened rules to regulate the market. The meeting took place one week after the Beijing counterparts gathered for the similar purpose on February 17.
Cities and places will issue new local guidance intensively to lead a healthy development of the sector in the first half of this year, officials from the Shanghai Finance Service Office said last month in response to questions from Shanghai Daily.
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