Rules over Internet finance in pipeline
Print Edition
China’s securities regulator said yesterday that it would work with other agencies to issue rules to govern the burgeoning Internet finance industry.
Despite being “generally supportive” of Internet finance, the China Securities Regulatory Commission said the nascent sector still needs proper regulation and guidance.
“Internet finance has some unique features and we need targeted regulations,” a CSRC representative told a press conference.
The sector’s growth has shaken up the financial community, and the comment comes as media reports suggest the central bank is getting Internet finance rules ready.
Jack Ma’s e-commerce giant Alibaba was the catalyst for the rules because its personal online finance product, Yu’ebao, has attracted much attention since it was launched last June. Yu’ebao allows customers to invest any balance on their online account in a money market fund. The scheme attracted 43 million investors with aggregate deposits of 185 billion yuan (US$30.5 billion) at the end of last year, making it the single biggest public fund in China.
The potential of this market has not gone unnoticed by other Internet giants like Tencent and Baidu, which are both promoting similar financial products.
Alibaba’s latest move to attract investors was an offer of financial products worth 880 million yuan. They were snapped up within three minutes.
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