China central bank issues guidelines on internet finance development

Reuters News
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Posted: Jul 17, 2015 11:40 PM

BEIJING (Reuters) - China's central bank on Saturday issued guidelines promoting the development of internet finance, saying it would support "qualified" financial institutions to set up platforms for online banking, insurance and securities businesses.

It added it would encourage high-performing and qualified internet finance firms to list.

A senior central bank researcher said last month that regulators should set up clear rules allowing banks to set up online finance subsidiaries to fend off rising competition from technology giants that have expanded into their territory.

(Reporting By Xiaoyi Shao and Megha Rajagopalan; Editing by Michael Perry)