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Shanghai to regulate booming e-finance
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Shanghai plans to regulate the booming online finance sector to ensure safety of the money that consumers placed in online accounts like Alibaba’s Yu’ebao and Tencent’s Tenpay, the local information technology regulator said yesterday.
The revenue from online finance services, including third-party payment and online P2P (peer to peer) credit, totaled 20 billion yuan (US$3.3 billion), a 40 percent annual growth, according to the Shanghai Commission of Economy and Information Technology.
The P2P loans are arranged between borrowers and lenders directly. Cutting out the middleman makes the loans cheaper to borrowers and more lucrative to investors.
Alibaba’s Yu’ebao personal finance product and Tenpay have become popular personal wealth-management tools for consumers because they provide higher returns compared with bank deposits.
Yu’ebao had attracted 43.03 million users with aggregate deposits of 185.3 billion yuan at the end of 2013.
The government will encourage the development of the booming online finance services offered by Alibaba and Tencent. But it will also strengthen regulations over the services, especially in the online credit sector.
The regulator will invite financial organizations like banks to join an online credit industry alliance to work on a standard process and improve safety.
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