Shanghai to back Internet finance in global hub target
Print Edition
SHANGHAI will increase support for the Internet finance industry to help the city’s ambitions to transform into a global financial hub, officials said yesterday.
“The growing fusion of the Internet technology and financial sector is set to play a key role in social and economic development,” Wu Jun, deputy director of Shanghai Financial Service Office, said during the China (Shanghai) Internet Finance Summit yesterday.
“Shanghai will allow more room for innovation in the industry and strive to create a better environment in terms of talent cultivation, credit system and legal system.”
The boom in Internet finance in China started in 2013 when Alibaba offered online financial services with Yu’ebao, an online money market fund.
Utilizing Internet technology has boosted the size of China’s money market fund by over fourfold from 400 billion yuan (US$64 billion) to the current 2.16 trillion yuan, Huo Ruirong, deputy head of the Shanghai bureau of the China Securities Regulatory Commission, told the summit.
At the end of 2014, there were 2,000 peer-to-peer lending platforms and 128 crowdfunding companies in China.
Of China’s 270 online third-party payment firms, 55 are based in Shanghai, with their trading volume taking up 75 percent of the country’s total.
But as the Internet finance grows hotter in China, the sector continues to be plagued by security issues and risks.
“Financial regulators now are working together to build a supervision framework to enhance risk control and crack down on malpractice in the industry,” said Ji Jiayou, an official at the Shanghai headquarters of the People’s Bank of China.
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