Committee lends hand to pilot Internet finance
Print Edition
A professional committee has been formed to guide the development of Internet finance in the city, the Shanghai Financial Association said yesterday.
The professional committee will form a platform for financial companies to discuss innovation, self-regulation and cooperation, said the association, an industry group under the Shanghai Financial Services Office.
Internet finance includes companies that provide financial services like lending, wealth management, payments and money transfers over the Internet.
The integration of securitization and Internet finance will become an inevitable trend in the next three years, Gregory Gibb, chairman and chief executive officer at Shanghai Lujiazui International Financial Asset Exchange Co, also known as Lufax, said at a forum in Shanghai yesterday.
Internet finance is a unique phenomenon in China, Qian Jun, professor of Shanghai Advanced Institute of Finance under Shanghai Jiao Tong University, said at the same forum.
Zhou Xiaochuan, governor of the People’s Bank of China, said earlier that regulation will be strengthened given the rapid growth of Internet finance.
The PBOC last week suspended virtual credit card and code scanning payments by Internet companies.
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