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China to tighten oversight of peer-to-peer lending
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CHINESE financial regulators have convened an expert panel over peer-to-peer lending industry and drafted rules to tighten the sector with specific entry criteria to be released by the end of June, experts who attended the conference told Shanghai Daily today.
The China Banking Regulatory Commission, who oversees the sector, plans to set 30 million yuan (US$4.83 million) in register capital as one of the requirements for market access, the Southern Metropolis Daily citing people familiar with the matter yesterday.
Zhu Chunming, secretary general of Guangdong Internet Financial Association who also attended the panel, admitted regulation over the sector has been drafted by Financial Inclusion Affairs Department at the CBRC, but refused to comment on the specific criteria due to confidentiality agreement.
"It's been a consensus among the panel that upcoming regulation should protect the industry rather to kill it," Zhu told Shanghai Daily. "Agenda has been set for launching the regulation, and we will hopefully to see that out in the first half of the year."
According to Zhu, local Internet Financial Association and Finance Office representatives from Shanghai, Beijing, Guangzhou and Hangzhou participated in the meeting held in Beijing last Wednesday.
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