Reform of China’s booming internet financial services comes as fraud cases highlight lack of efficient industry regulation
Influence of internet on global business will come under focus at this week’s three-day World Internet Conference in mainland’s Zhejiang province, which opened on Wednesday
China’s plans to modernise its financial services have come at a time when the mainland’s internet finance industry is booming, but regulators are also facing challenges following recent cases of fraud.
The influence of the internet on global business will be come under the focus of this week’s three-day World Internet Conference, attended by many senior technology company executives, in Zhejiang province, which opened on Wednesday.
Internet technology professionals on the mainland have shown their adeptness at creating new business finance methods to cater to consumers.
Numerous mainland online companies have been launched since 2013 in areas such as peer-to-peer (P2P) lending, crowdfunding, microfinance, and wealth management businesses. Before then the mainland’s finance sector was dominated by state-owned institutions.
Mainland P2P lending, in particular, has grown rapidly over the past two years with at least 2,000 firms aggressively expanding their online businesses to cater to the growing demand among both lenders and borrowers.
Read more: China’s internet finance sector challenges state-owned banks
Online payment services, which have also been growing in prominence since 2013, have also been well received by the mainland online community.
