Managing risks vital for online finance
Print Edition
Risk management and safety issues are vital factors to consider in developing Internet financing, a sector which the Shanghai government aims to build into a pillar for the city to become a global financial hub.
The government will work closely with top financial regulatory bodies to ensure proper risk management mechanism is put in place in the sector, Tu Guangshao, vice mayor of Shanghai, told the 16th China Financial Development Forum yesterday.
“Shanghai is a newly emerging financial center that will use modern technology and the Internet to further consolidate Shanghai’s financial status,” Tu said.
“We as the local government will seize the opportunities and nurture a sound business environment for Internet finance businesses.”
The city government will regulate the industry and enhance self-inspection of companies while continuing to support traditional businesses using the Internet and new companies coming to Shanghai to accelerate development of the local market.
In August, Shanghai set up an industry association of Internet finance firms to enforce regulations.
Fan Yifei, vice governor of the People’s Bank of China, said new financial infrastructure needs to be set up to encompass safety standards and multi-purpose payment methods, as well as improve credit record system for individuals.
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